Senior politicians, including three parliamentary committee chairs, have called for more scrutiny of Shein as the fast-fashion retailer founded in China sets its sights on a London stock market listing. Shein is reportedly in talks to float on the London Stock Exchange after an attempt to float in New York faced regulatory hurdles. The company has risen from relative obscurity to dominate the fast-fashion market and is known for ultra-cheap clothing such as dresses, crop tops and bikinis.
‘Super cute please like’: the unstoppable rise of Shein Read more It has faced allegations of labour malpractices, with tough scrutiny from the US Congress stalling the company’s efforts to list in New York. Rishi Sunak’s government has appeared eager to woo Shein to London instead. The company’s executive chair, Donald Tang, met Jeremy Hunt, the chancellor , in February.
But senior British politicians said a Shein listing should not be allowed to go ahead while parliament is dissolved for the general election and the initial public offering (IPO) should be subjected to greater scrutiny. Alicia Kearns, the Tory chair of the Commons foreign affairs committee, said: “With Shein’s prices so low the London Stock Exchange needs to ask itself, whose suffering is subsiding those prices?” “A company which has failed to make full disclosures about its supply chains as required by UK law, and where there are grave concerns about its factory working conditions has no place in London.�.
