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. [...]
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 [...]
Boohoo sales and profits surge after fast fashion retailer ups loungewear and activewear offering during pandemic May 5, 2021 Fast fashion retailer Boohoo reported a spike in sales and profit last year after refocusing its product offering on loungewear and activewear during the coronavirus pandemic. The e-commerce giant announced this morning that revenue surged 41 per cent in the year ended 28 February 2021, with sales jumping from £1.23bn to £1.75bn. Profit before tax [...]
Boom time for Boohoo: Online retail giant to unveil soaring lockdown sales April 30, 2021 Boohoo is expected to reveal a surge in sales as house-bound shoppers swapped dresses for jogging bottoms. The online retailer will also unveil the initial impact of its rescue deals for the Debenhams and three Arcadia brands – Dorothy Perkins, Burton and Wallis – which it snapped up earlier this year. Investors will be hopeful [...]
Boohoo mulls linking bonuses to ESG improvements April 24, 2021 Boohoo is considering linking top bosses’ bonuses to improvements in the fast fashion firm’s environmental, social and governance (ESG) issues, following a scandal surrounding factories used by the retailer’s suppliers. The Environmental Audit Committee (EAC) said that Boohoo had agreed to look into the idea of linking senior executive remuneration incentives to ESG improvements. In [...]
Boohoo coughs up £72 million for new Soho office April 13, 2021 Boohoo has bought a new office in Soho in London’s West End for £72m, which will house approximately 600 staff. The office, located at 10 Great Pulteney Street, will become home to all London-based product, marketing, technology and central support teams, and offer flexible working for Boohoo staff. In an update this morning, Boohoo said [...]
Debenhams to reopen stores for final sale ahead of move to online April 8, 2021 Debenhams is set to reopen its stores next week to complete its final closing down sale, as the store moves online. The sale, on 12 April, forms part of the high street retailer’s final stock liquidation process and will continue until the stock is fully cleared. “This is the last chance for customers in England [...]