Conclusion of CMA Investigation

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: [phone]
Pete Templeton, Group Finance Director	Tel: [phone]
Mike Cooper, Head of Investor Relations & Corporate Development	Tel: [phone]
Mark Mochalski, Investor Relations	Tel: [phone]
Zeus - Nominated adviser and joint broker
Dan Bate / James Edis	Tel: [phone]
Benjamin Robertson	Tel: [phone]
Jefferies - Joint broker
Ed Matthews / Harry Le May	Tel: [phone]
HSBC - Joint broker
Chloe Ponsonby / James Hopton	Tel: ++4 (0)20 7991 8888
Buchanan - Financial PR adviser	[e-mail]
Richard Oldworth / Toto Berger / Verity Parker / Sophie Wills	Tel: [phone]

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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