Last checked at 2 Mar 2021 09:02
FOR IMMEDIATE RELEASE | 2 March 2021 |
boohoo group plc
("boohoo" or "the Group")
Response to media commentary
boohoo notes recent media commentary. The Group has not received any correspondence from, nor is it aware of any investigation by, US Customs and Border Protection ("CBP"). The Group is confident in the actions it is taking to ensure that all of its products meet the CBP criteria on preventing the product of forced labour entering the US (or any of its markets). boohoo continues to fulfil orders to customers in the US across all of its brands. The Group will work with any competent authority to provide assurance that products from its supply chain meet the required standard.
Over the past 8 months the Group has been working closely with UK enforcement bodies. If the Group were to discover any suggestion of modern day slavery it would immediately disclose this to the relevant authorities. In addition, Alison Levitt QC's independent review (the "Independent Review") into boohoo's Leicester supply chain, published in September 2020, stated that "there is no evidence that the company itself or its officers have committed any criminal offences."
As a result of changes already under way since 2019, and those initiated through the Agenda for Change programme, which includes implementing the Independent Review's recommendations in full, the Group's supply chain in Leicester, and oversight of it, has been significantly improved and strengthened. The Group has made significant progress in a number of areas, including:
● Appointing Sir Brian Leveson PC to provide independent oversight of the Group's Agenda for Change programme
● Appointing Bureau Veritas and Verisio to support the ethical audits of suppliers and subcontractors, together with enquiry and enforcement specialists headed by former Deputy Commissioner of the Metropolitan Police Tim Godwin OBE to support Sir Brian's independent enquiries
● Continuing to map and audit the Group's tier one and tier two supply base, in the UK and internationally, led by teams from Bureau Veritas and Verisio
● The completion of over 400 on-site audits on UK suppliers
● Removing 64 suppliers from the Group's UK supplier list, who did not meet the Group's standards on the levels of transparency required
● Committing to publish UK tier one and tier two supplier list by end of March, and global supplier list by the end of September, which will both be updated every 6 months
● Significantly investing in strengthening the Group's internal Responsible Sourcing, Compliance and Sustainability teams
● Establishing a Supply Chain Compliance Committee reporting to the Board, led by the Group's Director of Responsible Sourcing
● Appointing KPMG as consultants to advise and monitor the implementation of the Agenda for Change programme
The Group and Sir Brian Leveson will continue to provide stakeholders with further updates on its Agenda for Change programme, including publication of its first Annual Sustainability Report alongside its 2021 Annual Report and Accounts.
Enquiries |
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boohoo group plc |
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Neil Catto, Chief Financial Officer | Tel: +44 (0)161 233 2050 |
Alistair Davies, Investor Relations | Tel: +44 (0)161 233 2050 |
Clara Melia, Investor Relations | Tel: +44 (0)20 3289 5520 |
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Zeus Capital - Nominated adviser and joint broker |
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Nick Cowles/Andrew Jones (Corporate Finance) | Tel: +44 (0)161 831 1512 |
John Goold/Benjamin Robertson (Corporate Broking) | Tel: +44 (0)20 3829 5000 |
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Jefferies - Joint broker |
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Philip Noblet/Max Jones | Tel: +44 (0)20 7029 8000 |
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Buchanan - Financial PR adviser | boohoo@buchanan.uk.com |
Richard Oldworth / Kim Looringh-van Beeck / Toto Berger / 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 brand targeting young, value-orientated customers. Since 2006, boohoo has been pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7. boohoo has grown rapidly in the UK and internationally, expanding its offering with range extensions into menswear, through boohooMAN.
In early 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. United by a shared customer value proposition, our brands design, source, market and sell great quality clothes, shoes and accessories at affordable prices. These investment propositions have helped us grow from a single brand, into a major multi-brand online retailer, leading the fashion e-commerce market for 16 to 40-year-olds with a global presence. As at 31 August 2020, the Group had just over 17 million active customers across all its brands around the world.
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 an online marketplace through a new capital light and low risk operating model that is complementary to the Group's highly successful direct-to-consumer multi-brand platform. In February 2021, the Group acquired the intellectual property assets of UK brands Burton, Dorothy Perkins and Wallis.