Prime trend retailers ASOS (ASOS.L), Boohoo (BOOH.L) and George at Asda have signed undertakings to make clear the best way they show, describe and promote their environmental credentials, Britain’s competitors watchdog mentioned earlier this week.
The announcement follows a 2022 investigation by the Competitors and Markets Authority (CMA) amid heightened scrutiny of corporations exaggerating their inexperienced credentials in an try to woo climate-conscious shoppers in addition to billions of {dollars} from environmentally centered investor funds.
Among the undertakings embrace making clear statements about supplies utilized in inexperienced ranges comparable to ‘natural’ or ‘recycled’ as an alternative of ‘eco’ or ‘sustainable’ and setting out clear standards to resolve which merchandise are a part of the environmental collections, the CMA mentioned.
The three manufacturers collectively make over 4.4 billion kilos ($5.56 billion) yearly from UK trend gross sales alone, in response to the regulator.
($1 = 0.7920 kilos)
