Last checked at 26 Nov 2020 07:00
For Immediate Release | 26 November 2020 |
The information contained within this announcement is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
boohoo group plc
("boohoo" or "the Group")
Update on Agenda for Change programme
boohoo is pleased to announce that it has appointed Sir Brian Leveson PC to provide independent oversight of the Group's Agenda for Change programme so as to deliver long-lasting and meaningful change to the Group's supply chain and its business practices.
Sir Brian will report directly to the Board and his reports will be published, thereby bringing both transparency and further independence to the process. He has also appointed both legal, and independent enquiry and enforcement specialists to supplement the Agenda for Change programme to ensure that everyone associated with the Group's supply chain is treated fully in accordance with the law and the principles of ethical trading.
In recent weeks, and as part of significant and continuing investment by the Group in this area, significant steps have been taken to put in place the platform that will facilitate delivery of the Agenda for Change programme. The Group has appointed KPMG to assist with the programme, bringing additional resource, expertise and independence to the process. KPMG will work with the Group's growing responsible sourcing and compliance team, and existing supply chain auditors Bureau Veritas and Verisio.
Mahmud Kamani, Group Executive Chairman, commented:
"I am encouraged by the progress that has been made to date by our teams since setting out our Agenda for Change programme in September. Myself and the board are fully committed to this programme, with the appointments of Sir Brian Leveson and KPMG bringing independent oversight, additional expertise and further transparency to a programme that will help us on our journey to lead the fashion e-commerce market globally in a transparent manner."
Sir Brian Leveson PC, commented:
"boohoo has recognised that it must institute and embed change so that everyone involved in the Group's supply chain is treated fully in accordance with the law and the principles of ethical trading. I look forward to providing independent oversight of the Agenda for Change programme and to working with the boohoo team, KPMG and the other independent experts to achieve this, while, at the same time, providing publicly available progress reports."
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 | Tel: +44 (0)20 7466 5000 |
About Sir Brian Leveson PC
The Rt Hon Sir Brian Leveson was called to the Bar in 1970 and was appointed Queens Counsel in 1986. Having served as a Recorder and Deputy High Court Judge, in 2000, he was appointed a Judge of the High Court, Queen's Bench Division. He was promoted to the Court of Appeal in 2006 and in 2013 became President of the Queen's Bench Division and, latterly, Head of Criminal Justice.
Sir Brian was the inaugural Chair of the Sentencing Council, and between 2011 and 2012 conducted an Inquiry into the Culture, Practices and Ethics of the Press. He retired from the bench in June 2019. He is presently the Investigatory Powers Commissioner.
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 unbeatable prices. These investment propositions have helped us grow from a single brand, into a major multi-brand online retailer, leading the fashion eCommerce market for 16 to 40-year-olds around the world. As at 31 August 2020, the boohoo group had just over 17 million active customers across all its brands around the world.