The Labour party has indicated its support for Shein’s potential London listing, as the Chinese online fashion company prepares to push the button on the UK’s biggest ever stock market flotation. The £52bn retailer is reportedly close to confidentially filing a prospectus for the listing on the London Stock Exchange to the Financial Conduct Authority as early as this week. Labour confirmed a report that its MPs had met the retailer, among “a range of companies including Shein that are looking to invest or list in Britain”.
A spokesperson for the party said: “Raising investment, productivity and growth is one of Labour’s missions for government.” However, the listing could prove politically divisive. Shein’s decision to opt for London comes after an initial effort to float in New York was derailed when politicians and regulators raised concerns about tensions between Beijing and Washington.
Senior politicians, including three parliamentary committee chairs, have questioned efforts to woo Shein, raising concerns about labour conditions in its supply chains. Labour said it expected “the highest regulatory standards and business practices” from businesses operating in the UK. “We believe the best way to ensure this is to have more companies operating from and regulated by UK law,” the spokesperson said.
Jonathan Reynolds, the shadow business secretary, Sarah Jones, the shadow minister for industry, and Chris Bryant, the shadow minister for creative indust.
