Boohoo Group Plc, the British fashion retailer, is taking steps to appoint a new auditor after concerns were raised by its current auditor, PwC. While PwC has not officially resigned as Boohoo’s auditor, the company has decided to find a new provider for audit services. The decision comes after PwC expressed concerns about the risks associated with continuing to work for Boohoo following a recent supply chain scandal. The Financial Times reported that PwC’s concerns led to the decision to resign, although PwC declined to comment on the matter.

Last month, Boohoo faced allegations of poor working conditions and low pay within its supply chain in England. In response, the company initiated an independent review to investigate the issue. The review identified several failings and provided recommendations to address these problems. Boohoo has accepted all the recommendations and has committed to taking appropriate measures to rectify the situation.

Boohoo’s reputation has been greatly impacted by the supply chain scandal, especially during the coronavirus pandemic lockdown when consumers have become more conscious of ethical and sustainable practices. The retailer, which is known for selling its own-brand clothing, accessories, and beauty products to a young adult demographic, is determined to rebuild trust with its stakeholders.

Finding a new auditor is a crucial step for Boohoo in its efforts to demonstrate transparency and accountability. The company will ensure that the new auditor upholds the highest standards of integrity and professionalism.

This scandal has shed light on the need for stronger oversight and monitoring practices within the fashion industry. As consumers become increasingly aware of ethical and sustainable fashion, companies must prioritize responsible sourcing and fair working conditions. The actions taken by Boohoo to address the issues in its supply chain will be closely watched by industry stakeholders and consumers.

In conclusion, Boohoo has begun the process of appointing a new auditor in response to concerns raised by its current auditor, PwC. The company remains dedicated to addressing the shortcomings in its supply chain and is determined to rebuild its reputation and regain trust. As the fashion industry faces heightened scrutiny and demands for transparency, companies like Boohoo must prioritize ethical practices to ensure long-term sustainability.

Links:
[1] Boohoo Group Plc – Official Website (https://www.boohooplc.com/home)
[2] Financial Times – Boohoo Group news (https://www.ft.com/companies/boohoo-group-plc)