We looked only earlier this month at criticism being levied against the Sustainable Rating Agencies, or ESG Rating Agencies as they are sometimes known and, as more details get revealed concerning the modern-slavery story engulfing the fast fashion retailer Boohoo, the agencies are continuing to come in for criticism. In this post, the focus will be on highlighting the issues that are being revealed, and questioning the supposed role of the agencies.   The Financial Times has been asking the question recently ‘ why did so many ESG funds back Boohoo? ’, which is not surprising given that it was the FT who conducted investigations into the appalling working conditions within Leicester in the UK. Those investigations, which were unfortunately not really acted upon until the recent spike in coronavirus within the city saw it locked down , have since led to financial repercussions for Boohoo, one of the biggest benefactors of the underground textiles industry within the region – ...

In April 2017 we reviewed the story of Karen Millen , who had built her fashion brand into a 130-store chain before being declared bankrupt because of an unpaid tax bill . The brand, which was bought from Millen in 2004 by an Icelandic company before being transferred to Aurora Fashions in 2011, has been long regarded as a quality outlet on the British high street. However, with the seemingly-relentless demise of the traditional British high street, it appears there are about to be two more casualties. In 2018 Karen Millen, owned by Aurora – who are ultimately owned by the Icelandic Kaupthing Bank – acquired certain parts of Coast , a competing fashion retailer who were launched in 1996 and grew to have almost 20 stand-alone stores in the UK. As Coast were in administration, Karen Millen were able to acquire certain parts of the Coast’s concession and online portfolio, saving 600 jobs in the process. However, it was confirmed this week that Karen Millen and Coast have been put i...