Boohoo’s Carol Kane staves off investor revolt at AGM to win overwhelming shareholder backing June 18, 2021 Boohoo co-founder Carol Kane has avoided a feared investor revolt to oust her as a director today, instead winning overwhelming shareholder support. Some 88 per cent of Boohoo shareholders voted in favour of Kane continuing in her role as an executive director at the company at today’s general meeting. Prior to the AGM, there were [...]
Debenhams could return to the high street to land beauty deals for Boohoo June 16, 2021 Boohoo is reportedly in talks about opening a Debenhams store to land deals with beauty and cosmetic brands that want to operate with a physical presence. Boohoo chief executive John Lyttle told The Times that if the talks came to fruition one small Debenhams store would return to a high street just outside of London. [...]
Road to recovery: FTSE 100 closes at highest point since the start of the pandemic June 15, 2021 The FTSE 100 has returned to its highest point since the start of the Covid-19 crash that wiped hundreds of billions of pounds off the index last year. The market ticked back up to 7,172.48 after gaining another 25.8 points on Tuesday, a 0.4 per cent rise. It means that the index is currently at [...]
Boohoo takes tough stance on suppliers following Leicester factory scandal June 15, 2021 Boohoo has taken a tough stance with its suppliers that includes removing them from the online retailer’s supply chain list if an alert is raised about them. Boohoo has set up a sub-committee of its Supply Chain Compliance Committee that will focus on the financial practices of the businesses and now requires suppliers to have [...]
Fossil fuel fashion: half of clothing made from non-recycled plastic, think tank says June 11, 2021 Half of fast-fashion items sold by online brands like Boohoo and Missguided, are made solely from non-recycled plastics, a think-tank has said today. Think tank Royal Society of Arts, Manufactures and Commerce (RSA) urged the government to impose a new tax on such clothing made from non-recycled plastic like polyester. Income from the suggested clothing [...]
Boohoo to link £150m bonus pot for directors to supply chain improvements May 19, 2021 Boohoo plans to link multimillion-pound bonuses for its directors with improvements in its supply chain following allegations of poor working conditions and corporate governance. The online retailer faced criticism from investors last year over its long-term incentive scheme, which could see founders and directors paid up to £150m. Boohoo has said it will now link [...]
It’s all over: Debenhams’ 243-year history ends today as final 28 stores close for good May 15, 2021 Today, Debenhams is to shut its doors for the final time in its 243-year history. The historic department store chain will close its remaining 28 stores across the UK for good tomorrow after the company collapsed amid the fallout of the coronavirus pandemic. It closed 21 other sites across the UK for the final time [...]
Carphone Warehouse, Currys PC World and Dixons Carphone to disappear in huge Currys rebrand May 13, 2021 Electricals retailer Dixons Carphone has revealed plans to rename all its UK and Ireland shops as Currys as part of a major rebrand. The group said Currys PC World, Carphone Warehouse, Team Knowhow and Dixons Carphone will all become Currys by October, with a new Currys website also set to be launched. It will see [...]
Boohoo’s profits surged during the pandemic – do the fast fashion giants really need social responsibility? May 13, 2021 Last week, Boohoo reported a surge in profits despite damaging revelations about its supply chain and poor treatment of workers. As the world of retail pivots towards social responsibility, the bumper results could be seen as consumers rejecting the importance of brands’ embracing purpose. While Boohoo was able to reap in revenue, it is still [...]
Secondary fundraising by retailers nears £2bn as firms eye M&A opportunities May 10, 2021 Listed retail companies have raised nearly £2bn in the past year as they sought to strengthen their balance sheets amid the pandemic. Now, they are starting to eye M&A opportunities. In recent years, listed firms in the UK have relied less on the public markets with private equity firms often considered a more attractive option. [...]