One of the things that repelled me about fast fashion before was the waste these companies would produce.
In the case of Boohoo, ‘green’ initiatives include
incentivising customer recycling: it launched a sustainable second-hand range, and it keeps promoting the longevity of its clothes.
It’s also working toward better supply chain transparency and it has offered it would allow the auditing of its Leiscester factory. Media frequently painted the place as a reshoring dystopia.
It’s a good question though if a fast fashion company can ever become sustainable.
Lawyers filed class action suits against PrettyLittleThing and Nasty Gal last week following a similar claim lodged against Boohoo last month. Total damages could exceed $100m if the claims succeed, said Almadani Law and AI Law, the firms leading them.
It would be interesting to look into Almadani Law and AI Law and this lawsuit. Why, who, why now, etc.
A successful company will be a target, the question is if that will impede its growth and how well they can fight back.
While the share prices of most UK retailers have suffered big falls, Boohoo’s is at an all-time high. Its £5.2bn market value would see it join the FTSE 100 if it traded on the main market rather than Aim.
Boohoo this week said sales would rise at least 25 per cent this year, a stark contrast to the sharp falls expected at established high street rivals such as Next and Marks and Spencer. Even brands that appeal to the same young customer base as Boohoo, such as Primark and JD Sports, will suffer sales fall this year.
Some stuff indicating the downside risk. Some trader called ‘Evil Knievil’ taken a big bet against it - thinks its governance will be the downfall & markets have ignored ShadowFall Report (saying its overstating profits) and some investors are fighting against a £50m bonus for the boss of Boohoo.
Good to know the potential downsides as the business looks to have a really relevant offering - when governance in a business goes wrong, things can come down pretty sharp!!!
I clearly have to do more sleuthing on Boohoo before I commit, and I’d definitely like to avoid all-time high prices if governance issues like this can crop up.
That’s the reality of fast fashion. If you’re selling products so cheaply it’s always going to involve the exploitation of workers whether the clothes are made in Pakistan or in the UK.
We as consumers can change this.
True. But there’s still a difference. In these countries that pay would allow an acceptable but low standard of living. Here, in one of the richest countries in the world, it’s despicable.