TIDMBOO
RNS Number : 8607B
boohoo group plc
15 June 2021
15 June 2021
boohoo group plc - Update on Agenda for Change
("boohoo" or "the Group")
In line with its commitment to increased transparency, the Group
is pleased to provide the following update which coincides with the
publication of a further progress report from Sir Brian Leveson on
the Group's Agenda for Change programme.
Highlights
-- The Group continues to make excellent progress on the Agenda for Change programme
-- In line with the commitments published in September 2020, the
Group published in March its full UK manufacturing list with a
commitment to publish its global supplier list in September of this
year, and continues to review its entire manufacturing supplier
base
-- Launching a new sustainability strategy, UP.FRONT, a
no-nonsense, set of measurable targets focussed on Clothes made
smarter, Suppliers on better terms and Our Business taking
action
-- The Group is an active member of WRAP's Textiles 2030
initiative, sitting alongside other leaders in our industry
-- Joined the Fast Forward forensic auditing model, a sector
leading auditing programme in the UK, which the Group will
transition to over the next twelve months
This is the third such report that charts the Group's progress
against delivery of the recommendations from last summer's
Independent Review, Sir Brian states: "The Responsible Sourcing and
Ethical Trade teams are now focussed on continuous assessment of
its UK manufacturing base and is demonstrating a degree of due
diligence which may well go beyond that which is undertaken by
other retailers or in other industries."
Sir Brian, also goes on to say:
-- "In my numerous discussions with...directors and managers at
boohoo, I remain encouraged by the determination of all to address
the issues which were exposed last year and to both promote and
embed a new way of working to the highest ethical standards."
-- "The Group has demonstrated that it has taken the
recommendations of the Review extremely seriously and has expanded
its determination to develop and demonstrate a 'gold standard' in
relation to the supply chain to all aspects of ethical, transparent
and sustainable business practice."
-- "All those to whom I have spoken have demonstrated real
enthusiasm for the Agenda for Change and pride in what it seeks to
achieve. The progress and commitment are evident and has been the
subject of positive comment from a number of those interested and
engaged in the problems that Leicester has evidenced."
All of Sir Brian's reports have been published in full on the
Group's PLC site www.boohooplc.com
Mahmud Kamani and Carol Kane, Group Co-Founders, commented:
"We are extremely proud of the incredible amount of change our
teams have delivered, with the Group making exceptional progress
over the last 11 months in developing a robust, fair and
transparent supply chain, which is recognised in Sir Brian's latest
report. As a group we are on track to meet all of the commitments
that we set out last year and we remain committed to setting the
bar, to drive measurable and sustainable change."
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
Mark Mochalski, Investor Relations Tel: +44 (0)20 3239
6289
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 global brand targeting young, value-orientated
customers, pushing boundaries to bring its customers up-to-date and
inspirational fashion, 24/7.
In 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. 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 a digital department store and marketplace through a new
capital-light and low-risk operating model. In February 2021, the
group acquired the intellectual property assets of UK brands
Dorothy Perkins, Wallis and Burton. As at 28 February 2021, the
boohoo group had 18 million active customers across all its brands
around the world.
Cautionary Statement
Certain statements included or incorporated by reference within
this announcement may constitute "forward-looking statements" in
respect of the group's operations, performance, prospects and/or
financial condition. Forward-looking statements are sometimes, but
not always, identified by their use of a date in the future or such
words and words of similar meaning as "anticipates", "aims", "due",
"could", "may", "will", "should", "expects", "believes", "intends",
"plans", "potential", "targets", "goal" or "estimates". By their
nature, forward-looking statements involve a number of risks,
uncertainties and assumptions and actual results or events may
differ materially from those expressed or implied by those
statements. Accordingly, no assurance can be given that any
particular expectation will be met and reliance should not be
placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. No responsibility or
obligation is accepted to update or revise any forward-looking
statement resulting from new information, future events or
otherwise. Nothing in this announcement should be construed as a
profit forecast. This announcement does not constitute or form part
of any offer or invitation to sell, or any solicitation of any
offer to purchase any shares or other securities in the Company,
nor shall it or any part of it or the fact of its distribution form
the basis of, or be relied on in connection with, any contract or
commitment or investment decisions relating thereto, nor does it
constitute a recommendation regarding the shares or other
securities of the Company. Past performance cannot be relied upon
as a guide to future performance and persons needing advice should
consult an independent financial adviser. Statements in this
announcement reflect the knowledge and information available at the
time of its preparation. Liability arising from anything in this
announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that
cannot be excluded in accordance with such laws.
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END
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