Missguided workers eye legal action after “emotionless” redundancies May 31, 2022 Missguided workers are eyeing legal action against the fast fashion brand as it hashes out a sale. After calling in administrators yesterday, the beleaguered online retailer is facing criticism from suppliers and former employees. Law firm Aticus has said it is readying legal action after employees have claimed the redundancy process was not properly managed. [...]
Boohoo agrees final settlement for US class action without admitting liability for ‘deceptive’ clothing promotions May 24, 2022 Fast fashion giant Boohoo revealed this morning that it had reached a final settlement without admitting liability in relation to a Californian lawsuit.
Higher return rates impact Boohoo’s sales growth March 10, 2022 Boohoo said today its net sales growth in the fourth quarter of FY22 was impacted by Brits’ post-pandemic ‘buy before you try attitude’ . The company explained that the higher rate of items returned was due to changing consumption patterns, as people shifted from buying more ‘athleisure’ during the pandemic to mixing it up with [...]
‘Challenges and difficulties’ remain for Boohoo in fight against unethical supply chain measures March 8, 2022 “Challenges and difficulties” remain at Boohoo, according to Sir Brian Leveson’s final report after the fast fashion firm’s supply chain scandal. The retailer launched a review programme after reports of neglect and underpayment of warehouse workers in Leicester during the Covid lockdown in 2020. Leveson was brought on board to oversee Boohoo’s Agenda For Change [...]
Cineworld, Hammerson and Boohoo: The top 10 most shorted UK stocks and fund managers with the most positions January 29, 2022 Cineworld Group, the world’s second-largest cinema chain, is currently the most shorted UK listed company, according to new research shared exclusively with City A.M. this morning. Some 8.8 per cent of its stock was held short by six investment firms, with New Holland Capital the largest short position with 2.42 per cent of the company’s [...]
Boohoo opens first owned factory in ‘new chapter’ amid international market challenges January 26, 2022 As Boohoo opens its first owned factory in Leicester, the company will be hoping to take a positive step forward after a miserable two years. The fast fashion retailer said its new 32,000 sq ft factory in Thurmaston Lane, Leicester, was “proof of its commitment to the city of Leicester and ethical British manufacturing.” The [...]
Boohoo lowers guidance as more shoppers return clothes with shares plunging 22pc December 16, 2021 Online fashion retailer Boohoo has lowered its guidance for the financial year as profits have been hit by higher return rates, supply chain challenges and inflation skyrocketing. Boohoo said that it was expecting net sales growth to be between 12 and 14 per cent, for the financial year ending 28 February. It had previously forecast [...]
Central bank of Norway acquires stake in fast fashion firm Boohoo December 7, 2021 The central bank of Norway has acquired a 3.1 per cent stake in fast fashion retailer Boohoo, according to documents filed on the London Stock Exchange. Norges Bank is now the fifth largest institutional investor in the online retailer, following confirmation of the investment this week. Boohoo co-founder Mahmud Kamani is still the largest single [...]
Exclusive: The pandemic showed the limitations of an online-only model, says retail guru November 17, 2021 A year of enforced change in buying habits where pretty much everything went online has reverted to ‘the new normal’. The Covid pandemic accelerated the shift to online; but is the future of retail really digital only? While in the short to medium term, there will remain some concerns over the logistics of browsing and [...]
Boohoo close to settlement agreement over fraudulent pricing action November 4, 2021 Online fashion retailer Boohoo has said it is close to a settlement agreement over a class action about misleading customers on pricing. A case filed in California alleged that the Manchester based company offered heavy discounts to US customers based on inflated original prices, which allegedly it had never asked customers to pay in the [...]