Proactive Investors -
- Blue chips 27 points lower at 7,903
- ASOS (LON:ASOS), Boohoo (LON:BOOH) agree to clarify green claims
- Endeavour posts solid results
ASOS, Boohoo will clarify green credentials - CMA
Fashion retailers ASOS PLC and Boohoo Group PLC have agreed to change the way environmental credentials are displayed, described and promoted, Britain’s competition watchdog has announced.
Following a probe into the pair, alongside Asda’s George brand, the Competition and Markets Authority raised concerns over greenwashing.
Changes should mean “millions of customers can expect to see clear and accurate green claims,” the authority added.
These will require firms to ensure all claims are accurate and not misleading, as well as being presented in plain language.
“Following our action, the millions of people who shop with these well-known businesses can now have confidence in the green claims they see,” CMA chief executive Sarah Cardell said.
“This also marks a turning point for the industry. The commitments set a benchmark for how fashion retailers should be marketing their products, and we expect the sector as a whole – from high street to designer brands – to take note and review their own practices.”
Travis Perkins boss to leave as ‘underperformance’ continues
Travis Perkins (LON:TPK) boss Nick Roberts is to stand down as chief executive of the building materials firm as tough trading conditions continue to plague the business.
Having served in the role for five years, he will step down once a replacement has been found.
“The board and Nick are aligned that now is the right time to search for a new leader to take the business forward,” Travis Perkins (LSE:TPK) said on Wednesday.
“The nominations committee is currently undertaking a thorough search process for Nick’s successor.”
This comes after the FTSE 250-listed firm unveiled a plummet in pre-tax profits from £245 million in 2022 to £70 million last year and signalled continued difficulty ahead.
“While there has been good progress made in modernising the business, the board fully recognises the under-performance of the business over recent reporting periods, in the context of continued economic challenges and end-market weakness,” chair Jasmine Whitbread (LON:WTB) added.
Shares climbed 0.8% to 732p on the news.