The BBC report highlighted alleged staff pressure on suppliers to reduce prices post-agreement.
Boohoo swiftly responded, stating, «In adapting to the challenges of the past year, we’ve absorbed significant cost increases to maintain customer-friendly prices.» The spokesperson emphasized the company’s agility in managing fluctuating costs, noting, «As costs lowered, we urged suppliers to adjust pricing, passing on savings of 1 to 10% to our customers.»
Acknowledging past challenges revealed in a 2020 independent review, Boohoo reaffirmed its commitment to positive change through the «Agenda for Change» program. The company highlighted improvements, including strengthened ethical and compliance standards for suppliers and regular disclosure of an approved global manufacturers list.
The spokesperson stated, «Boohoo has proactively addressed past issues, dedicating significant resources to drive positive transformations across our business and supply chain.» Despite industry challenges during the pandemic, such as supply chain disruptions, increased returns, and heightened competition, Boohoo remains steadfast in delivering on promises.
Boohoo and rival ASOS experienced rapid growth during the pandemic, capitalizing on high street closures due to lockdowns. However, industry challenges, including supply chain disruptions and rising living costs, have impacted performance. Recent warnings on the outlook from both companies have influenced market dynamics, evident in Boohoo’s share decline, currently at 0.8%, with a 28% decrease over the past year. Stay informed on Boohoo’s latest updates as we navigate these challenges together.
