TIDMBOO
RNS Number : 2272U
boohoo group plc
28 July 2020
For Immediate Release 28 July 2020
boohoo group plc
Update on Independent Review and Notice of Results
boohoo group plc ("boohoo" or "the Group") publishes this
morning the Terms of Reference with regards to the Independent
Review of its Leicester supply chain (the "Independent Review"),
being led by Alison Levitt QC, as previously announced on 8 July
2020.
The purpose of this Independent Review is to consider the
Group's obligations and relevant duties of care in relation to the
workforce in its Leicester supply chain. The Group will act
decisively on the Independent Review's findings and look to embed
its recommendations into its strategic planning to help restore
confidence in the Leicester garment industry and increase
transparency for all of our stakeholders.
A full copy of the Terms of Reference can be found further
below, with the Independent Review's key objectives as follows:
-- To investigate the allegations made in relation to the
Leicester supply chain and determine whether they are
well-founded;
-- If they are, to consider the extent to which the Group
monitored its supply chain in Leicester and had knowledge of the
allegations;
-- To consider the Group's compliance with the relevant law; and
-- To make recommendations for the future in response to those findings.
The Group will provide an update on the findings of the report
with its half year results for the six months ending 31 August 2020
on 30 September 2020.
Brian Small, Deputy Chairman and Senior Independent Director,
commented:
"We are pleased to share the Terms of Reference for the upcoming
Independent Review into our Leicester supply chain. We believe this
demonstrates how seriously we, as a board, are treating the recent
allegations into our supply chain. The Group is committed to
delivering the highest standards of ethics, compliance and
transparency."
-ends-
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/Toto Tel: +44 (0)20 7466
Berger 5000
Terms of Reference: Independent Review into the boohoo Group's
UK Supply Chain
Articles have appeared in the Press alleging unacceptable
working conditions and underpayment of workers at premises owned
and controlled and operated by some of the company's suppliers,
principally in Leicester.
The purpose of this independent Review, conducted by senior
barrister Alison Levitt QC, is to consider the Boohoo Group's
obligations and relevant duties of care in relation to the
workforce in its Leicester supply chain.
Objectives
There are four core objectives for the Independent Review:
1. To investigate the allegations made in relation to the
Leicester supply chain and determine whether they are
well-founded;
2. If they are, to consider the extent to which the Boohoo Group
monitored its Leicester supply chain and had knowledge of the
allegations;
3. To consider the Boohoo Group's compliance with the relevant law; and
4. To make recommendations for the future in response to those findings.
Output
Alison Levitt QC should provide a report which addresses the
issues listed above. Any findings and recommendations should be
evidence-based and proportionate.
Scope
The focus of the investigation will be on the Boohoo Group's
Leicester supply chain. Alison Levitt QC will produce a full
report, including any recommendations for the future by 15th
September for the Company to consider.
Governance and methodology
This Review was instigated and commissioned by the Boohoo Group.
However, the Review and Alison Levitt QC are independent of Boohoo.
Ms Levitt QC is instructed by Jason Cropper of TLT LLP.
A team of solicitors from TLT LLP and two junior counsel will
support Ms Levitt QC.
Details of the governance and the methodology for the
investigation will be agreed between Alison Levitt QC and TLT
LLP.
It will include the issuing of a public call for evidence.
Notes
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
unbeatable prices. These investment propositions have helped us
grow from a single brand, into a major multi-brand online retailer,
leading the fashion eCommerce market for 16 to 40-year-olds around
the world. As at 29 February 2020, the boohoo group had just under
14 million active customers across all its brands around the
world.
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END
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