Monopsony Power - Boohoo's Broken Promises

If you are studying the economics of ethical business models and the consequences of monopsony power in labour and product markets, the criticisms of Boohoo are deep-rooted and hugely important. This BBC Panorama documentary available on iPlayer provides the background.

More here: Fast fashion: Boohoo breaks promises on ethical overhaul

There has been quite a bit of criticism aimed at Boohoo in recent years, particularly around the company's fast fashion business model and its treatment of workers. Here are some of the main criticisms:

• Poor working conditions at supplier factories: Reports have suggested that workers in Boohoo's supplier factories are paid low wages, work long hours in unsafe conditions, and are subjected to verbal and physical abuse.
• Greenwashing: Boohoo has been accused of making misleading claims about its sustainability efforts, such as using misleading labels like "sustainable" or "eco-friendly" to describe clothes that are made using polluting materials and processes.
• Excessive production and waste: Critics argue that Boohoo's fast fashion business model encourages overconsumption and produces a lot of waste.

Overall, there is a growing movement to hold fast fashion companies like Boohoo accountable for their social and environmental impacts.