Boohoo bosses snap up more shares as price plunges

Boohoo bosses have bought more shares in the company following another slump in its price.

The British retail giant’s founder and executive chairman Mahmud Kamani spent 729,000 pounds on 300,000 shares in the AIM-listed retailer, bringing his total stake to 12.6 percent.

Catherine Catto, the wife of chief finance officer Neil Catto, bought 5,825 shares for 15,000 pounds, while deputy chairman Brian Small bought 10,000 shares for 25,000 pounds.

The company’s share price dropped by more than a fifth this week after its auditor PwC stepped down. That came on the heels of allegations in recent months of poor working conditions across Leicester factories supplying clothing to the fast-fashion giant.

An independent review found “many failings” in Boohoo’s UK supply chain and the retailer has now set out six steps to enhance its supplier audit and compliance procedures, including the bolstering of its corporate governance through the appointment of new independent directors and the launch of a Supply Chain Compliance Committee.

Photo credit: Boohoo