Fashion

Boohoo founders buy 15 million pounds of shares


Boohoo founders buy 15 million pounds of shares

Boohoo shares increased 12 percent Thursday after its founders
Mahmud Kamani and Carol Kane pumped 15 million pounds into the company.

Kamani and Kane bought 10.7 million pounds and 4.3 million pounds worth
of shares respectively on Thursday, helping to drive the share price up 12
percent to 235p. But that fell again by almost 4 percent on Friday since
market opening.

The British fast-fashion retailer’s shares plummeted almost 50 percent
last month following reports that workers at one of its suppliers’
factories in Leicester were being paid 3.50 pounds per hour and were made
to work when sick with Covid-19.

Online retail giants Zalando, Next and Asos all pulled Boohoo’s brands
from their websites following the Sunday Times report.

The company, which owns brands including Pretty Little Thing and Nasty
Gal, has since launched an independent review of its UK supply chain which
it kicked off with a 10 million pound investment “to eradicate supply chain
malpractice”.

Photo credit: Boohoo



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