S&P 500 and Dow climb for third day and close at records April 9, 2021 The S&P 500 and the Dow rose to close at record highs, posting a third straight weekly rise partly on lift from growth stocks, with a late-day rally building gains ahead of quarterly earnings season next week. The Dow Jones Industrial Average rose 299.21 points, or 0.89 per cent, to 33,802.78, the S&P 500 gained [...]
Debenhams to reopen stores for final sale ahead of move to online April 8, 2021 Debenhams is set to reopen its stores next week to complete its final closing down sale, as the store moves online. The sale, on 12 April, forms part of the high street retailer’s final stock liquidation process and will continue until the stock is fully cleared. “This is the last chance for customers in England [...]
It’s a myth to say sustainable and ethical clothing can’t be affordable April 8, 2021 Forced labour. Environmental hazard. A race to the bottom. It is no secret that the fashion industry is broken. Clothes are the second highest products at risk of slavery and produce around 10 per cent of global greenhouse gas emissions – that’s more than planes. With labour supply across the global supply chain exceeding demand, fashion [...]
The retail behemoths of the future will be the ones crafting a seamless online platform April 3, 2021 A casual observer of the much publicised takeovers of high street behemoths like Debenhams by online retailers such as Boohoo would be tempted to conclude that having an online presence is the swiftest hack for a brand to succeed in the current retail climate. But that is not the case. The UK may have leapfrogged [...]
Boohoo cuts ties with hundreds of suppliers following Leicester factory scandal March 25, 2021 Online fashion retailer Boohoo has cut ties with hundreds of suppliers as it seeks to improve conditions for factory workers. The e-commerce giant this morning announced it has “ceased doing business with a number of manufacturers who were unable to demonstrate the high standard of transparency required”. Boohoo published a list of its 78 approved [...]
Laws won’t make modern slavery any more illegal, investors must put their foot down for businesses to change March 17, 2021 The first laws passed in the UK to abolish the slave trade date back to 1833. The global treaty banning slavery came into force in 1927. We are fast approaching 100 years of human history in which the trade in people has been as illegal as it could possibly be. And yet in the UK, [...]
We need a new law to root out corporate supply chain abuses — wherever they take place March 12, 2021 The now all too familiar, shocking allegations of forced labour at Boohoo factories in Leicester are once again grabbing headlines. Last week Boohoo was hit with a double whammy as US lawmakers are mulling a potential import ban against the company, and UK MPs are asking for a long-term bonus scheme to be linked to supply chain [...]
In The Style’s AIM listing to value influencer fashion brand at £105m March 10, 2021 Online fast fashion retailer In The Style today raised £11m ahead of its listing on London Stock Exchange’s growth market, valuing the firm at £105m. The firm also raised £49m for the selling shareholders through the share placing, ahead of its admission to AIM on Monday. In The Style was launched in Manchester – like [...]
AIM outperforms London’s main market during 12 months of Covid-19 March 8, 2021 A year on from the start of the Covid-19 pandemic, the AIM has strongly outperformed London’s main market, something highly unusual in periods of economic downturn. London’s AIM outperformed the FTSE All-Share by a number of metrics, in part due to several of its listed companies performing well during the pandemic. The AIM All-Share index [...]
Boohoo urged to link bonuses to workers’ rights and sustainability improvements March 5, 2021 The chairman of fast fashion retailer Boohoo has been urged to link its bonus scheme for senior executives to improvements on workers’ rights and sustainability. MPs have written to Mahmud Kamani asking him to update the Environmental Audit Committee on the firm’s progress on its environmental and social responsibilities, and welcomed the “positive steps” it [...]