"Boohoo extends payment terms", 29 November 2022

The fast fashion retailer has changed payment terms for suppliers from 30 days to 60 days, effective from 1 December.

Meanwhile, manufacturers will be paid 30 days from the invoice date, up from 14 days currently.

In a letter to suppliers, seen by Drapers, Boohoo Group said: "As the business grows, we continue to review our ways of working (...) We want to make you aware of a change to our payment terms that will take effect from 1 December 2022.

"As we align our terms to reflect the broader retail industry standard, we have worked hard to ensure our terms will remain competitive."

A Boohoo spokeswoman said: “The Boohoo Group are proud to have been offering our UK manufacturers industry leading 14-day payment terms since 2019. As of 1 December, we are adjusting our payment terms to closer reflect those of other retailers, albeit at 30 and 60 days our terms remain swifter than most.”...