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| Boohoo action on exploitation claims 'inadequate' | Boohoo action on exploitation claims 'inadequate' |
| (about 3 hours later) | |
| One of Boohoo's largest shareholders is dumping stock in the fashion firm after it said the company had failed to address concerns about working conditions at a supplier in Leicester. | One of Boohoo's largest shareholders is dumping stock in the fashion firm after it said the company had failed to address concerns about working conditions at a supplier in Leicester. |
| Standard Life Aberdeen (SLA) criticised Boohoo's response to exploitation claims as "inadequate in scope, timeliness and gravity". | Standard Life Aberdeen (SLA) criticised Boohoo's response to exploitation claims as "inadequate in scope, timeliness and gravity". |
| Allegations of poor pay and conditions at a factory emerged last weekend. | Allegations of poor pay and conditions at a factory emerged last weekend. |
| Boohoo has since announced an independent review of its supply chain. | Boohoo has since announced an independent review of its supply chain. |
| The fast fashion retailer's share price fell 2% to 279.7p each. | The fast fashion retailer's share price fell 2% to 279.7p each. |
| A Sunday Times report claimed workers at a factory in Leicester - currently in local lockdown following a spike in Covid-19 cases - were paid just £3.50 an hour, while being offered no protection from coronavirus. It was making clothes for Boohoo's Nasty Gal brand. | A Sunday Times report claimed workers at a factory in Leicester - currently in local lockdown following a spike in Covid-19 cases - were paid just £3.50 an hour, while being offered no protection from coronavirus. It was making clothes for Boohoo's Nasty Gal brand. |
| Lesley Duncan, deputy head of UK equities at Aberdeen Standard Investments, SLA's fund management arm, said it had invested in Boohoo since its flotation in 2014. | Lesley Duncan, deputy head of UK equities at Aberdeen Standard Investments, SLA's fund management arm, said it had invested in Boohoo since its flotation in 2014. |
| SLA holds a 3.3% stake in Boohoo, according to data provider Morningstar. | SLA holds a 3.3% stake in Boohoo, according to data provider Morningstar. |
| Ms Duncan said it had lobbied the company over a number of years on issues such as supply chain transparency. | Ms Duncan said it had lobbied the company over a number of years on issues such as supply chain transparency. |
| "While we would have liked progress to have been quicker we did feel that progress was being made," Ms Duncan said. | "While we would have liked progress to have been quicker we did feel that progress was being made," Ms Duncan said. |
| But she said that concerns had been growing in recent weeks "which even before recent developments, had negatively impacted our conviction levels in the company". | But she said that concerns had been growing in recent weeks "which even before recent developments, had negatively impacted our conviction levels in the company". |
| "Having spoken to Boohoo's management team a number of times this week in light of recent concerning allegations, we view their response as inadequate in scope, timeliness and gravity." | "Having spoken to Boohoo's management team a number of times this week in light of recent concerning allegations, we view their response as inadequate in scope, timeliness and gravity." |
| The company, which also owns the PrettyLittleThing brand, said it was "appalled" by the allegations and that it had asked a senior barrister to lead a review. | The company, which also owns the PrettyLittleThing brand, said it was "appalled" by the allegations and that it had asked a senior barrister to lead a review. |
| However, other retailers have distanced themselves from Boohoo. | However, other retailers have distanced themselves from Boohoo. |
| Next, Asos and Zalando all announced on Tuesday that they had stopped selling Boohoo clothes on their websites. | |
| The retailers said they were pausing relationships with Boohoo's brands, pending the outcome of the company's investigation. | The retailers said they were pausing relationships with Boohoo's brands, pending the outcome of the company's investigation. |