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Boohoo to reduce payment terms to 14 days

The Boohoo group has introduced new 14-day payment terms for its UK-based manufacturers.

The etailer currently has 30-day payment terms. From 1 August it will pay UK suppliers, which make up 40% if its supply base, 14 days from the invoice date.

John Lyttle, CEO, Boohoo Group commented: “On behalf of the group I would like to thank our British manufacturers for their continued support and contribution to the success of our business. Our goal is continued success and for those working with us to share in that success. We very much value our relationships with our British manufacturers, many of which we’ve held since the group was founded in 2006, and we are committed to growing stronger together.”

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