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Boohoo has changed payment terms for suppliers from 30 days to 60 days, effective from 1 December, according to Drapers.
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 more closely reflect those of other retailers, albeit at 30 and 60 days our terms remain swifter than most.”
