Last checked at 4 Nov 2021 07:00
For immediate release | 4 November 2021 |
boohoo group plc - Update on Californian Class Action Claim
("boohoo" or "the Group")
boohoo today provides an update in respect of the class action claim brought against the Group in the United States District Court for the Central District of California (the "District Court") (the "Claim").
boohoo is pleased to report that the parties have notified the District Court that they have agreed to the terms of a preliminary settlement relating to the Claim. The preliminary settlement will be covered in full by the existing provisions disclosed in the Group's latest published accounts.
Whilst there is no guarantee that the preliminary settlement will result in a final settlement of the Claim, the parties will now work together to incorporate the terms of the preliminary settlement into a legally binding settlement agreement.
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Enquiries | |
boohoo group plc | |
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 |
Mark Mochalski, Investor Relations | Tel: +44 (0)20 3239 6289 |
Zeus Capital - Nominated adviser and joint broker | |
Nick Cowles / Andrew Jones | Tel: +44 (0)161 831 1512 |
Benjamin Robertson | Tel: +44 (0)20 3829 5000 |
Jefferies - Joint broker | |
Philip Noblet / Max Jones | Tel: +44 (0)20 7029 8000 |
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 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 2021, the boohoo group had 19 million active customers across all its brands around the world.
Cautionary Statement
Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.