REG - boohoo group plc - Conclusion of CMA Investigation

BoohooAnnouncement

27/03/2024 08:00

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RNS Number : 4943I  boohoo group plc  27 March 2024

 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.

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