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Handbags at dawn ..boohoo.


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3 minutes ago, One percent said:

From the article 

Reports have emerged in recent days which suggested workers in a British factory making clothes for Boohoo were only being paid £3.50 an hour, despite the national minimum wage being £8.72.

 

so, is no one checking that business is complying with the law. I guess that’s a no then. Government to blame on this. There is always some dodgy fucker willing to take advantage. It is government’s responsibility to ensure that laws are enforced. 

Bent Labour council and bent muzzers.

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Nice bit on this in the FT yesterday: https://ftalphaville.ft.com/2020/07/06/1594028037000/Markets-Now---Monday-6th-July-2020/

Quote

And what of the buck passing? We’re indebted to the guys over at Small Caps Live for going through the Companies House filings and doing some six degrees of corporate separation stuff. An interesting twist, they say, is that Morefray Limited, the name on the boxes being packed, has I5 Holdings listed as a person of significant control. I5’s only director is a chap called Shahzad Fakhar Irshad.

Jalaludin Abdullah Kamani, the brother of Boohoo co-founder and boss Mahmud Kamani, now owns a big bit of the me-too fast fashion website ISawItFirst. He has quite a bit of corporate overlap with Shahzad Fakhar Irshad and I5 (such as here, here and here). Their assistance might therefore be valuable as Boohoo seeks to establish the identity of the sub-contractor and reviews with urgency its relationship with any suppliers who have contracted work there.

But note this:

Quote

So anyway . . . Lots of noise and shares down. As we’ve said many times in the past, investing in Boohoo has always required a liberal philosophy towards corporate governance. Sarah O’Connor’s work on Leicester dark factories in 2018 brought all of this stuff to the surface and shareholders, frankly, didn’t give a shit...

 

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5 minutes ago, One percent said:

From the article 

Reports have emerged in recent days which suggested workers in a British factory making clothes for Boohoo were only being paid £3.50 an hour, despite the national minimum wage being £8.72.

 

so, is no one checking that business is complying with the law. I guess that’s a no then. Government to blame on this. There is always some dodgy fucker willing to take advantage. It is government’s responsibility to ensure that laws are enforced. 

And a thread crosser

https://www.thesun.co.uk/news/12004235/how-leicester-sweat-shops-are-still-full-of-workers-earning-2-50-per-hour-despite-lockdown/

The same shop owner said most of the factory workers are from the Daman and Goa areas of India where they are able to get Portuguese passports that allow them free access to the UK.

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Posted (edited)
20 minutes ago, The Grey Man said:

https://www.thesun.co.uk/money/12057091/asos-zalando-next-boohoo-leicester-factory/amp/

Boohoo had all the top adverts and sales.

No1 and rising fast.

Now it seems everyone wants their bit of Boohoo.

What a load of shite. If the SJWs really care about getting Boohoo shut down, they should report them to Shopify (who power their website) and then see if they'll suspend it... I am sure that slave labour is against Shopify's T&Cs. That'd be quite funny - I may do it myself just to troll.

Edit: oh wait nevermind. It's not powered by Shopify, although Prettylittlething and ISawItFirst are.

Edited by spunko
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9 minutes ago, dgul said:

Nice bit on this in the FT yesterday: https://ftalphaville.ft.com/2020/07/06/1594028037000/Markets-Now---Monday-6th-July-2020/

But note this:

 

It's a billion pound version of 'the owner was back in Bangladesh and didn't know his entire kitchen staff were illegal immigrants'

Hit it where it hurts - massive fines, taking assets off them, black listing them fir family reunions and removing citizenship and kicking them out.

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15 minutes ago, dgul said:

Nice bit on this in the FT yesterday: https://ftalphaville.ft.com/2020/07/06/1594028037000/Markets-Now---Monday-6th-July-2020/

But note this:

 

Not just shareholders.

Local council who are meant to enforce planning n hse.

Wheres this great muzzer uma?

So anyway . . . Lots of noise and shares down. As we’ve said many times in the past, investing in Boohoo has always required a liberal philosophy towards corporate governance. Sarah O’Connor’s work on Leicester dark factories in 2018 brought all of this stuff to the surface and shareholders, frankly, didn’t give a shit. Invesco, APG and Fidelity have all been recent buyers of Boohoo. Aberdeen Standard posted an explainer in March on why the company “remains one of the core holdings within our UK Ethical and Impact funds”.

 

 

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40 minutes ago, One percent said:

From the article 

Reports have emerged in recent days which suggested workers in a British factory making clothes for Boohoo were only being paid £3.50 an hour, despite the national minimum wage being £8.72.

Outrageous. Much better to buy from those purveyors of finery supplied by reputable Indian/Bangladeshi/Pakistani/Indonesian/Vietnamese sweatshops.

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4 minutes ago, eta-carinae said:

Outrageous. Much better to buy from those purveyors of finery supplied by reputable Indian/Bangladeshi/Pakistani/Indonesian/Vietnamese sweatshops.

Thing is that here government should be able to control this. Instead they deliberately turn a blind eye. It then impoverishes everyone as the race to the bottom has no floor. 

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The Kardashians have 'influenced' lots of people to buy from them. Presumably they pay the Kardashs a lot of money for that.

In recent years the Kardashians have their own brands which, I think, are sold on BOO's various sites. Is the money so good that the Kardashians stay on board? Or will news of slave labour allegations, considering what is going on in the US currently, be enough for them to drop Boohoo?

If the tweet or instagram that they are leaving Boohoo then that will probably have a worst affect on the share price than news of alleged slave labour conditions.

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10 minutes ago, One percent said:

Thing is that here government should be able to control this. Instead they deliberately turn a blind eye. It then impoverishes everyone as the race to the bottom has no floor. 

Don't be silly. They are too busy giving out £31 billion in BounceBack loans they will never see again and free double glazing.

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13 minutes ago, The Grey Man said:

Wonder if some one knew what was going to happen.

Evil Knevil shorted them in June.

Will be making a tidy sum. 

 

https://www.thisismoney.co.uk/money/markets/article-8443223/amp/Evil-Knievil-takes-bet-against-Boohoo.html

Those types always enter their position before they announce it, and similarly for the departure.

It would be (vaguely) amusing if he closed last Friday, but all his followers remained short and got the benefit this week.

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9 hours ago, The Grey Man said:

Wonder if some one knew what was going to happen.

Evil Knevil shorted them in June.

Will be making a tidy sum. 

 

https://www.thisismoney.co.uk/money/markets/article-8443223/amp/Evil-Knievil-takes-bet-against-Boohoo.html

 

My post. May.

Any AIM stock that goes up like a rocket tends to come down like a stick.

Mix that in with muzzer bizzyness ways and vast amounts of dodgy dealing.

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10 hours ago, spygirl said:

And a thread crosser

https://www.thesun.co.uk/news/12004235/how-leicester-sweat-shops-are-still-full-of-workers-earning-2-50-per-hour-despite-lockdown/

The same shop owner said most of the factory workers are from the Daman and Goa areas of India where they are able to get Portuguese passports that allow them free access to the UK.

That probably explains my local supermarket. The proprietors are from Goa. Still, at least they run a productive business.

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1 minute ago, spygirl said:

A vastly subsidised business.

No way can a small ethnic supermarket compete with Tescos,l egally.

 

It's not "ethnic". Just a small supermarket. In fact they don't stock many curry spices. I think they have done very well during the "virus panic", as people can't be arsed to queue up at Morrison. I don't think it's a bent business at all.

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11 hours ago, spunko said:

What a load of shite. If the SJWs really care about getting Boohoo shut down, they should report them to Shopify (who power their website) and then see if they'll suspend it... I am sure that slave labour is against Shopify's T&Cs. That'd be quite funny - I may do it myself just to troll.

Edit: oh wait nevermind. It's not powered by Shopify, although Prettylittlething and ISawItFirst are.

Was going to say anything the size of Boohoo would have thought on their own platform, from the latter two surprising how out of the box shopping platforms have risen through the ranks. A lot of inertia if you start that way, if you know you were going to be of X size then you probably wouldn't start on a boilerplate platform.  

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