FOR IMMEDIATE RELEASE
|
27 March
2024
|
boohoo group
plc
("boohoo"
or the "Group")
Conclusion of Competition
& Markets Authority Investigation
In July 2022, the Competition and
Markets Authority ("CMA") launched investigations into three
businesses - including boohoo - to investigate green claims. We are
pleased to announce that the CMA has now completed its
investigation and has not found boohoo to have breached any
consumer protection law. The investigation has therefore not
resulted in any legal action being brought against
boohoo.
Throughout this 20-month process,
the Group has worked closely with the CMA to provide it with
necessary information and disclosure, and has voluntarily agreed to
enter into undertakings with the CMA.
The Group has not intentionally
misled customers and is committed to best-practice and providing
customers with accurate information on the products they buy while
delivering progress on its sustainability strategy. The Group has
found the investigation to be insightful and hopes the undertakings
will provide further guidance to the industry.
John Lyttle, CEO of boohoo group plc, said:
"I'm pleased that we have been able to reach an
agreement with the CMA following its investigation into
environmental claims.
"Along with the other retailers who
have been a part of this process, we have chosen to sign a set of
undertakings that will provide some helpful clarity on how the CMAs
green claims code operates in practice.
"We remain committed to working with
others to find collective solutions to the shared challenges of
sustainability within the fashion industry."
Enquiries
|
|
|
|
boohoo group plc
|
|
Stephen Morana, Chief
Financial Officer
|
Tel: +44 (0)161 233 2050
|
Pete Templeton, Group Finance
Director
|
Tel: +44 (0)161 233 2050
|
Mike Cooper, Head of Investor
Relations & Corporate Development
|
Tel: +44 (0)161 233 2050
|
Mark Mochalski, Investor
Relations
|
Tel: +44 (0)20 3239 6289
|
|
|
|
|
Zeus - Nominated adviser and joint
broker
|
|
Dan Bate / James Edis
|
Tel: +44 (0)161 831 1512
|
Benjamin Robertson
|
Tel: +44 (0)20 3829 5000
|
|
|
Jefferies - Joint broker
|
|
Ed Matthews / Harry Le
May
|
Tel: +44 (0)20 7029 8000
|
|
|
HSBC - Joint broker
|
|
Chloe Ponsonby / James
Hopton
|
Tel: ++4 (0)20 7991 8888
|
|
|
Buchanan - Financial PR
adviser
|
boohoo@buchanan.uk.com
|
Richard Oldworth /
Toto Berger / Verity Parker / Sophie
Wills
|
Tel: +44 (0)20 7466 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 31 August 2023, the
boohoo group had 17 million active customers across all its brands
around the world.