Last checked at 28 Jul 2020 07:00
For Immediate Release | 28 July 2020 |
boohoo group plc
Update on Independent Review and Notice of Results
boohoo group plc ("boohoo" or "the Group") publishes this morning the Terms of Reference with regards to the Independent Review of its Leicester supply chain (the "Independent Review"), being led by Alison Levitt QC, as previously announced on 8 July 2020.
The purpose of this Independent Review is to consider the Group's obligations and relevant duties of care in relation to the workforce in its Leicester supply chain. The Group will act decisively on the Independent Review's findings and look to embed its recommendations into its strategic planning to help restore confidence in the Leicester garment industry and increase transparency for all of our stakeholders.
A full copy of the Terms of Reference can be found further below, with the Independent Review's key objectives as follows:
· To investigate the allegations made in relation to the Leicester supply chain and determine whether they are well-founded;
· If they are, to consider the extent to which the Group monitored its supply chain in Leicester and had knowledge of the allegations;
· To consider the Group's compliance with the relevant law; and
· To make recommendations for the future in response to those findings.
The Group will provide an update on the findings of the report with its half year results for the six months ending 31 August 2020 on 30 September 2020.
Brian Small, Deputy Chairman and Senior Independent Director, commented:
"We are pleased to share the Terms of Reference for the upcoming Independent Review into our Leicester supply chain. We believe this demonstrates how seriously we, as a board, are treating the recent allegations into our supply chain. The Group is committed to delivering the highest standards of ethics, compliance and transparency."
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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 |
Zeus Capital - Nominated adviser and joint broker | |
Nick Cowles/Andrew Jones (Corporate Finance) | Tel: +44 (0)161 831 1512 |
John Goold/Benjamin Robertson (Corporate Broking) | 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 | Tel: +44 (0)20 7466 5000 |
Terms of Reference: Independent Review into the boohoo Group's UK Supply Chain
Articles have appeared in the Press alleging unacceptable working conditions and underpayment of workers at premises owned and controlled and operated by some of the company's suppliers, principally in Leicester.
The purpose of this independent Review, conducted by senior barrister Alison Levitt QC, is to consider the Boohoo Group's obligations and relevant duties of care in relation to the workforce in its Leicester supply chain.
Objectives
There are four core objectives for the Independent Review:
1. To investigate the allegations made in relation to the Leicester supply chain and determine whether they are well-founded;
2. If they are, to consider the extent to which the Boohoo Group monitored its Leicester supply chain and had knowledge of the allegations;
3. To consider the Boohoo Group's compliance with the relevant law; and
4. To make recommendations for the future in response to those findings.
Output
Alison Levitt QC should provide a report which addresses the issues listed above. Any findings and recommendations should be evidence-based and proportionate.
Scope
The focus of the investigation will be on the Boohoo Group's Leicester supply chain. Alison Levitt QC will produce a full report, including any recommendations for the future by 15th September for the Company to consider.
Governance and methodology
This Review was instigated and commissioned by the Boohoo Group. However, the Review and Alison Levitt QC are independent of Boohoo. Ms Levitt QC is instructed by Jason Cropper of TLT LLP.
A team of solicitors from TLT LLP and two junior counsel will support Ms Levitt QC.
Details of the governance and the methodology for the investigation will be agreed between Alison Levitt QC and TLT LLP.
It will include the issuing of a public call for evidence.
Notes
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 29 February 2020, the boohoo group had just under 14 million active customers across all its brands around the world.