Boohoo.com is a UK-based fast fashion website for teens and young adults. Founded in 2006, Boohoo has grown in popularity offering buyers over 36,000 products and generating £856.9m in sales on 2019.
On July 5th, 2020, The Sunday Times revealed that workers at Boohoo were being paid as little as £3.50 an hour ($4.40), an amount significantly less than the £8.20 ($10.30) U.K. national minimum wage. This information came after an undercover reporter spent two days working in the factory.
Since the news of this “modern day slavery” came to light, the share price of Boohoo has fallen by nearly 50% from $5.24 in mid June to $2.64 on July 8th, 2020.