Asos sounds cautious note on future demand after profit quadruples October 14, 2020 Asos reported a quadrupling in full-year profit following a spike in online shopping during the coronavirus pandemic, but warned on the outlook for consumer spending among its young customer base. The fashion ecommerce giant reported profit before tax of £142.1m for the year to 31 August, up from £33.1m the year before. Read more: Asos [...]
Leicester factory scandal: Boohoo supplier involved in ‘multi-million-pound’ fraud scheme October 13, 2020 Leicester clothing factories with links to Boohoo and Select Fashion have been involved in a “multi-million pound” money laundering and VAT fraud scandal, an investigation has found. Firms based in the city’s garment manufacturing district, some of which were suppliers to the fast fashion retailers, were revealed to have been involved in fraudulent activity relating [...]
Retail body accuses government on inaction on garment worker abuse October 11, 2020 The trade body for the UK retail sector has said that the government has carried out no “significant action” to protect textile workers from exploitaiton. In a letter to home secretary Priti Patel, the British Retail Consortium (BRC) said: “Despite numerous reports in the media, and a previous letter to the home secretary signed by [...]
MPs probe fast fashion industry after Boohoo’s Leicester factory scandal October 6, 2020 The fast fashion industry will be scrutinised by a committee of MPs in the wake of Boohoo’s Leicester clothing factory scandal, after the government dismissed most of the recommendations of an initial inquiry in 2018. The Environmental Audit Committee (EAC) has today launched a follow-up inquiry into sustainability and working conditions within the fashion industry [...]
Major Boohoo shareholders fail to denounce CEO over Leicester factory conditions October 5, 2020 Boohoo’s major shareholders today failed to denounce the fast fashion firm’s bosses following a report into poor working practices at Leicester clothing factories. Leicester West MP Liz Kendall called on investment firms Jupiter, Baillie Gifford and Invesco to remove chief executive John Lyttle and executive chairman Mahmud Kamani following an independent review into working conditions. [...]
Boohoo is on the wrong side of history when it comes to business ethics and sustainability October 5, 2020 It is alarming to see Bohoo’s profits surge despite confirmation of allegations of endemic abuse at every single step of their supply chain. Yet this outcome does not necessarily come as a shock given that Boohoo’s reputation has consistently been married to a culture of neglect and exploitative worker conditions. Once again, we see commitments [...]
H&M to close 250 stores as pandemic accelerates shift online October 1, 2020 H&M has announced plans to close around 250 stores globally next year, as the Swedish retailer looks to bolster its online presence following a slump in bricks-and-mortar sales during the pandemic. The announcement comes on top of the 50 H&M stores already permanently shuttered this year, and will likely add to the “tens of thousands” [...]
Boohoo profit soars during pandemic despite factory scandal September 30, 2020 Boohoo saw profit rocket more than 50 per cent during the pandemic, as the fast fashion retailer shrugged off a factory scandal earlier in the year that threatened to alienate its customer base. The results Revenue for the six months to the end of August rose 45 per cent to £816.5m, up from £564.9m in [...]
Anything to declare? The ‘S’ of ESG makes its move September 25, 2020 The central component of the increasingly prominent ‘ESG’ – the ‘S’ – is typically neglected in discussions about environmental, social and governance (ESG) data and non-financial disclosure. But developments such as the Boohoo garment workers controversy and Black Lives Matter movement, as well as the trends such as gender pay-gap reporting – not to mention [...]
Boohoo’s share price jumps as independent review absolves firm of deliberately allowing poor working conditions September 25, 2020 Boohoo’s share price rose by more than 13 per cent in early morning trading after an independent review absolved the fast fashioner retailer of allegations that it deliberately allowed poor working conditions and low pay at its suppliers. The review was conducted by Alison Levitt QC following the “sweatshop” scandal, which highlighted poor working practices at [...]