Last checked at 27 Mar 2024 08:00
FOR IMMEDIATE RELEASE | 27 March 2024 |
boohoo group plc
("boohoo" or the "Group")
Conclusion of Competition & Markets Authority Investigation
In July 2022, the Competition and Markets Authority ("CMA") launched investigations into three businesses - including boohoo - to investigate green claims. We are pleased to announce that the CMA has now completed its investigation and has not found boohoo to have breached any consumer protection law. The investigation has therefore not resulted in any legal action being brought against boohoo.
Throughout this 20-month process, the Group has worked closely with the CMA to provide it with necessary information and disclosure, and has voluntarily agreed to enter into undertakings with the CMA.
The Group has not intentionally misled customers and is committed to best-practice and providing customers with accurate information on the products they buy while delivering progress on its sustainability strategy. The Group has found the investigation to be insightful and hopes the undertakings will provide further guidance to the industry.
John Lyttle, CEO of boohoo group plc, said: "I'm pleased that we have been able to reach an agreement with the CMA following its investigation into environmental claims.
"Along with the other retailers who have been a part of this process, we have chosen to sign a set of undertakings that will provide some helpful clarity on how the CMAs green claims code operates in practice.
"We remain committed to working with others to find collective solutions to the shared challenges of sustainability within the fashion industry."
Enquiries | |
boohoo group plc | |
Stephen Morana, Chief Financial Officer | Tel: +44 (0)161 233 2050 |
Pete Templeton, Group Finance Director | Tel: +44 (0)161 233 2050 |
Mike Cooper, Head of Investor Relations & Corporate Development | Tel: +44 (0)161 233 2050 |
Mark Mochalski, Investor Relations | Tel: +44 (0)20 3239 6289 |
Zeus - Nominated adviser and joint broker | |
Dan Bate / James Edis | Tel: +44 (0)161 831 1512 |
Benjamin Robertson | Tel: +44 (0)20 3829 5000 |
Jefferies - Joint broker | |
Ed Matthews / Harry Le May | Tel: +44 (0)20 7029 8000 |
HSBC - Joint broker | |
Chloe Ponsonby / James Hopton | Tel: ++4 (0)20 7991 8888 |
Buchanan - Financial PR adviser | boohoo@buchanan.uk.com |
Richard Oldworth / Toto Berger / Verity Parker / Sophie Wills | Tel: +44 (0)20 7466 5000 |
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and innovative global brand targeting young, value-orientated customers, pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7.
In 2017, the group extended its customer offering through the acquisitions of the vibrant fashion brand PrettyLittleThing and free-thinking brand Nasty Gal. In March 2019, the group acquired the MissPap brand, in August 2019 the Karen Millen and Coast brands and in June 2020 the Warehouse and Oasis brands, all complementary to the group's scalable, multi-brand platform. In January 2021, the group acquired the intellectual property assets of Debenhams, with the goal of transforming a leading UK fashion and beauty retailer into a digital department store and marketplace through a new capital-light and low-risk operating model. In February 2021, the group acquired the intellectual property assets of UK brands Dorothy Perkins, Wallis and Burton. As at 31 August 2023, the boohoo group had 17 million active customers across all its brands around the world.