The Boohoo business model is under scrutiny. Last week, an undercover investigation by the Sunday Times found evidence of modern slavery in its supply chain, with factory workers in Leicester said to be paid £3.50 per hour.
The response by the market, its competitors and consumers has been vociferous and clear.
Last week, Boohoo’s share price collapsed over 40%, wiping £2 billion off the company’s value. Key brand partners, including ASOS, Next and Zalando, suspended their partnerships with the company. Standard Life Aberdeen, one of Boohoo’s biggest backers, sold almost all of its stock in the company. …
On Tuesday 27th November, senior business leaders from the UK’s leading fashion retailers, including M&S, Primark, Arcadia, Burberry, Missguided, Boohoo and ASOS, were called into parliament to give evidence of the steps they are taking to reduce the environmental and social impact of their businesses. This session was part of an inquiry being conducted by the Environmental Audit Committee (EAC), which is assessing the sustainability of the fashion industry in light of the growing awareness and concern of its social and environmental impact.
I went along to watch events unfold and here are 3 of my key takeaways:
Slave labour is widespread in fashion — and it’s happening in the UK
The exploitation of workers in the fashion industry has been well documented since the Rana Plaza disaster in 2014 (in which a number of UK retailers were implicated), receiving widespread media coverage through documentaries and campaigns — coverage that makes this evidence far more disconcerting. …
Last week I had the pleasure of attending the 3rd International Circular Change Conference in Slovenia — the country is extremely beautiful, with gorgeous green landscapes and extremely friendly people — it is truly a hidden gem within Europe.
Slovenia is also emerging as one of the European nations leading the way in developing a circular economy and the conference coincided with the publication of the Slovenia National Circular Economy Roadmap, bringing together a diverse group of circular economy stakeholders to discuss key topics on the circular economy agenda both for Slovenia and across Europe. …
A circular economy is coming, and we need it.
Accelerated by increasingly wasteful models of consumption, a growing strain on our finite global resources and the emergence of technology trends that enable new business models, the circular economy has evolved from a previously misunderstood and niche concept to a movement that is a topic of conversation in government and business strategies on a global scale.
Based on my experience and exposure to over 1,000 circular case studies through my work with The Circulars, the world’s leading circular economy award program, it appears that there are a number of trends emerging which are driving this transformation. …
