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UK's Boohoo replaces PwC with PKF Littlejohn as new auditor, shares fall

·1-min read
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration

(Reuters) -Online fashion retailer Boohoo said on Monday its board had approved appointing London-based PKF Littlejohn as its auditor, replacing long-time auditor PwC as a reshuffle of its corporate governance continued, sending its shares down about 3% in early trade.

The Financial Times newspaper had first reported in October that PwC had resigned due to concerns over reputational risk, after Boohoo accepted all the recommendations of an independent review that had found several failings in its supply chain.

The company had then said the review found that some workers in its supply chain had not always been properly compensated for their work and that many workers were not fully aware of their rights and their obligations.

Boohoo, which sells own-brand clothing, shoes, accessories and beauty products targeted at 16- to 40-year-olds, commissioned the review in July after a media report about factory working conditions in the city of Leicester in central England.

It had laid out six steps to tackle the issue including appointing new independent directors to its board, making supply chain compliance a standing item at board meetings and the formation of two committees to oversee risks to the business and its supply chain compliance.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Rashmi Aich)