Asos, Boohoo and George by Asda probed by watchdog on green claims July 29, 2022 Asos, Boohoo and Asda’s clothing arm George will be investigated by the competition watchdog to work out whether their green claims are misleading shoppers. The Competition and Markets Authority (CMA) said retailers could face court action if their sustainability claims are found to be misleading. Fashion collections, such as ‘Responsible edit’ from ASOS, Boohoo’s current [...]
Frasers Group acquires fast fashion website I Saw It First after rescuing Missguided July 28, 2022 Mike Ashley’s retail emporium Frasers has inked a deal to acquire fast fashion firm I Saw It First. In an announcement on the London Stock Exchange on Thursday morning, the Sports Direct owner confirmed The Telegraph’s reports that it was to poach the website. I Saw It First was created by Jalal Kamani in 2017, [...]
Fashion factories: Government must do more to tackle workers’ fears towards reporting illegal wages July 25, 2022 The government should do more to tackle Leicester garment workers’ fears around reporting illegal wages, a report has urged. Findings from the Low Pay Commission (LPC) echo earlier studies in concluding there is still a long way to go in improving the treatment of textile factory workers in the city. Some factories have operated at [...]
Fast fashion: Mike Ashley’s retail behemoth Frasers Group eyes I Saw It First July 17, 2022 Mike Ashley’s retail empire may make a swoop for I Saw It First, an online fast-fashion brand owned by Boohoo founder Jalal Kamani. According to a report in The Telegraph, Frasers Group could add I Saw It First to its list of retail takeovers within a matter of weeks. The Telegraph’s sources told the newspaper [...]
Boohoo follows in Zara’s footsteps with return fee for online orders July 12, 2022 Fast fashion retailer Boohoo has introduced a return fee of £1.99, following in the footsteps of Zara. The Manchester-based brand said it had made the decision because costs for retailers, including shipping, have increased considerably over the past few months. A Boohoo group spokesperson told The Mirror: “As the cost of shipping has increased, we’ve [...]
Stylish Stocks: Calvin and Tommy lead the way among best-performing fashion brands June 23, 2022 Even though people often associate the financial world with black suits, statistics, and little in the way of style, trading does have its fashionable side. Specifically, fashion stocks. From high-end brands such as Christian Dior and Ralph Lauren to high-street labels like Gap and Zara, retail shares are firmly on investors’ radar recently. Only yesterday, [...]
Boohoo poaches Trainline CFO weeks after retailer saw first-ever sales drop June 23, 2022 Boohoo has poached Trainline’s former finance lead as its new chief financial officer (CFO), just weeks after the retailer posted its first-ever sales drop. It comes amid a turbulent period for fast fashion brands. Rival retailer Missguided collapsed in late May, after being hammered by spiralling supply chain costs. Shaun McCabe, who has sat on [...]
Investors ditch London shares after fifth successive Bank of England rate rise June 16, 2022 Investors ditched London-listed stocks today after the Bank of England raised interest rates for the fifth successive meeting. The capital’s premier FTSE 100 index dropped 3.14 per cent to 7,044.98 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 3.05 per cent to below [...]
Boohoo posts first ever UK sales drop as fast fashion struggles to keep shoppers spending June 16, 2022 Boohoo has posted its first UK sales drop in the fast fashion retailer’s history, pointing to supply chain disruption and a struggle to be competitive with international players. In a trading update on Thursday, the Manchester-based retailer posted a one per cent drop in UK revenue while overall sales plunged eight per cent in the [...]
Garment workers in Leicester face ‘many constraints’ in accessing fair pay and conditions still June 13, 2022 The government must do more to tackle the exploitation of garment workers across the country, a report into Leicester workers has found. Garment workers in the city still face obstacles to fair pay and conditions, according to a study from the University of Nottingham and De Montfort University, commissioned by the Garment & Textile Workers [...]