Former Asos CEO Nick Beighton expressed apprehension about Shein’s potential listing on the London Stock Exchange, acknowledging the retailer’s innovative business model, yet cautioning that certain aspects were unsettling.
Speaking at the Source Fashion trade show in London, Beighton highlighted his unease with Shein’s garment production standards, lack of transparency, and reputation for being opaque.
He emphasized the importance of maintaining high standards on the London Stock Exchange, stating that it should be reserved for top-notch brands and industries.
This criticism coincides with mounting opposition to Shein’s potential London stock listing, as retail consultant Mary Portas initiated an online petition against the move.
Recent reports suggested that Shein’s £50bn IPO could be jeopardized due to the EU’s proposed customs duty on low-cost items.
Amid concerns from retailers in Europe and the US about the rising competition posed by Chinese-affiliated platforms like Shein and Temu, who exploit tax exemptions on low-value goods, these plans have gained traction.
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