TIDMBOO
RNS Number : 8456Q
boohoo group plc
02 March 2021
FOR IMMEDIATE RELEASE 2 March 2021
boohoo group plc
("boohoo" or "the Group")
Response to media commentary
boohoo notes recent media commentary. The Group has not received
any correspondence from, nor is it aware of any investigation by,
US Customs and Border Protection ("CBP"). The Group is confident in
the actions it is taking to ensure that all of its products meet
the CBP criteria on preventing the product of forced labour
entering the US (or any of its markets). boohoo continues to fulfil
orders to customers in the US across all of its brands. The Group
will work with any competent authority to provide assurance that
products from its supply chain meet the required standard.
Over the past 8 months the Group has been working closely with
UK enforcement bodies. If the Group were to discover any suggestion
of modern day slavery it would immediately disclose this to the
relevant authorities. In addition, Alison Levitt QC's independent
review (the "Independent Review") into boohoo's Leicester supply
chain, published in September 2020, stated that "there is no
evidence that the company itself or its officers have committed any
criminal offences."
As a result of changes already under way since 2019, and those
initiated through the Agenda for Change programme, which includes
implementing the Independent Review's recommendations in full, the
Group's supply chain in Leicester, and oversight of it, has been
significantly improved and strengthened. The Group has made
significant progress in a number of areas, including:
-- Appointing Sir Brian Leveson PC to provide independent
oversight of the Group's Agenda for Change programme
-- Appointing Bureau Veritas and Verisio to support the ethical
audits of suppliers and subcontractors, together with enquiry and
enforcement specialists headed by former Deputy Commissioner of the
Metropolitan Police Tim Godwin OBE to support Sir Brian's
independent enquiries
-- Continuing to map and audit the Group's tier one and tier two
supply base, in the UK and internationally, led by teams from
Bureau Veritas and Verisio
-- The completion of over 400 on-site audits on UK suppliers
-- Removing 64 suppliers from the Group's UK supplier list, who
did not meet the Group's standards on the levels of transparency
required
-- Committing to publish UK tier one and tier two supplier list
by end of March, and global supplier list by the end of September,
which will both be updated every 6 months
-- Significantly investing in strengthening the Group's internal
Responsible Sourcing, Compliance and Sustainability teams
-- Establishing a Supply Chain Compliance Committee reporting to
the Board, led by the Group's Director of Responsible Sourcing
-- Appointing KPMG as consultants to advise and monitor the
implementation of the Agenda for Change programme
The Group and Sir Brian Leveson will continue to provide
stakeholders with further updates on its Agenda for Change
programme, including publication of its first Annual Sustainability
Report alongside its 2021 Annual Report and Accounts.
Enquiries
boohoo group plc
Neil Catto, Chief Financial Officer Tel: +44 (0)161 233
2050
Alistair Davies, Investor Relations Tel: +44 (0)161 233
2050
Clara Melia, Investor Relations Tel: +44 (0)20 3289
5520
Zeus Capital - Nominated adviser and
joint broker
Nick Cowles/Andrew Jones (Corporate Finance) Tel: +44 (0)161 831
1512
John Goold/Benjamin Robertson (Corporate Tel: +44 (0)20 3829
Broking) 5000
Jefferies - Joint broker
Philip Noblet/Max Jones Tel: +44 (0)20 7029
8000
Buchanan - Financial PR adviser boohoo@buchanan.uk.com
Richard Oldworth / Kim Looringh-van Beeck Tel: +44 (0)20 7466
/ Toto Berger / Sophie Wills 5000
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and
innovative brand targeting young, value-orientated customers. Since
2006, boohoo has been pushing boundaries to bring its customers
up-to-date and inspirational fashion, 24/7. boohoo has grown
rapidly in the UK and internationally, expanding its offering with
range extensions into menswear, through boohooMAN.
In early 2017 the Group extended its customer offering through
the acquisitions of the vibrant fashion brand PrettyLittleThing,
and free-thinking brand Nasty Gal. In March 2019 the Group acquired
the MissPap brand, in August 2019 the Karen Millen and Coast brands
and in June 2020 the Warehouse and Oasis brands, all complementary
to the Group's scalable, multi-brand platform. United by a shared
customer value proposition, our brands design, source, market and
sell great quality clothes, shoes and accessories at affordable
prices. These investment propositions have helped us grow from a
single brand, into a major multi-brand online retailer, leading the
fashion e-commerce market for 16 to 40-year-olds with a global
presence. As at 31 August 2020, the Group had just over 17 million
active customers across all its brands around the world.
In January 2021, the Group acquired the intellectual property
assets of Debenhams, with the goal of transforming a leading UK
fashion and beauty retailer into an online marketplace through a
new capital light and low risk operating model that is
complementary to the Group's highly successful direct-to-consumer
multi-brand platform. In February 2021, the Group acquired the
intellectual property assets of UK brands Burton, Dorothy Perkins
and Wallis.
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