Boohoo shares continue downward spiral amid sales slump warnings July 14, 2020 Boohoo shares continued to slump this morning after more than three days of losses, following allegations of poor working conditions in the fast fashion firm’s garment factories that have weighed on analysts’ sales forecasts. Shares slumped 17.7 per cent to 230p yesterday, after hovering around the 410p mark for the majority of June. Investors continued [...]
Businesses must find their purpose, or risk becoming the next corporate scandal July 14, 2020 In the midst of a pandemic, the corporate scandals keep coming. The most recent is Boohoo, a previously admired brand in the fashion industry that has been accused of sourcing clothes from a Leicester factory where workers were paid as little as £3.50 an hour. For many in the fashion industry, the darker side of [...]
The City View: Miles Roberts on the packaging business July 13, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS In today’s episode – the first recorded from City AM’s offices – Andy is joined by Miles Roberts, CEO of FTSE-100 packaging firm DS Smith. Miles and Andy discuss the impact of lockdown on packaging, what innovation looks like when it comes to cardboard, and post-Brexit goods regimes. They [...]
Boohoo shares plunge as major shareholder dumps stock July 13, 2020 Boohoo shares continued last week’s downturn this morning, slumping as much as 15.4 per cent as the decision by one of the fast fashion retailer’s biggest shareholders to dump the majority of its stock continued to spook investors. Standard Life Aberdeen (SLA), the UK’s largest listed asset manager, on Friday sold off shares in the [...]
Quiz suspends supplier after Leicester factory exploitation claims July 13, 2020 Fashion brand Quiz has suspended one of its suppliers after reports that the supplier was failing to pay workers at a factory in Leicester the minimum wage. Over the weekend, an investigation by the Times found that the supplier had offered employees just £3 an hour to make clothes for the brand. The minimum wage [...]
Standard Life Aberdeen offloads Boohoo stock over Leicester factory scandal July 10, 2020 Investment giant Standard Life Aberdeen has dumped its entire stake in fast fashion firm Boohoo after the retailer was caught up in a scandal over low pay and poor conditions for factory workers. Boohoo launched an independent review of its UK supply chain following allegations of poor working practices and underpayment of workers at a [...]
FTSE 100 climbs but Wall Street flat as US coronavirus cases jump July 10, 2020 The FTSE 100 rose but Wall Street was mixed as investors weighed a record daily rise in new coronavirus cases in the US against the reopening of economies. The UK’s main stock index was 0.6 per cent higher in afternoon trading at 6,083 points. The FTSE 250 index of slightly smaller jumped 1.2 per cent. [...]
Boohoo launches independent review of supply chain after Leicester factory claims July 8, 2020 Fast fashion retailer Boohoo suffered a further share price drop this morning after it launched an independent review of its UK supply chain following allegations of poor working practices and underpayment of workers at a clothing factory in Leicester. Boohoo this morning said it was “shocked and appalled” over the allegations that the Jaswal Fashions [...]
Boohoo shares continue to fall after Leicester factory worker exploitation claims July 7, 2020 Shares in fast fashion brand Boohoo plunged for the second day in a row following allegations that workers at the retailer’s factory in Leicester were paid illegally low wages. The e-commerce retailer’s shares plummeted more than 13 per cent this morning to 255.5p, after falling more than 18 per cent yesterday. The losses came after [...]
AIM high: At 25, the junior index is coming of age July 7, 2020 In June, AIM turned 25 years old. The index has passed its somewhat risky youth and maturity is treating it well. With stripped-down regulatory and governance requirements, the junior exchange has, over the past 25 years, offered companies an easier platform to raise capital. As the London Stock Exchange puts it, “AIM helps founders and [...]