Shein has discretely initiated the process for a public offering on the London stock market, a move set to become one of this year’s most significant global IPOs.
At the start of June, the colossal Chinese fast fashion retailer submitted paperwork for its initial public offering (IPO) with the London Stock Exchange, according to reports by Reuters.
Earlier in the year, the company had shifted its sights to the London market after its initial plan for a New York IPO faced setbacks due to concerns from American legislators.
Shein has faced criticism for its association with manufacturers accused of exploiting garment workers, offering them extremely low wages to produce clothing at very affordable prices.
An undercover inquiry aired on Channel 4 in 2022 unveiled conditions in factories supplying Shein, where workers had shifts extending up to 18 hours a day, including weekends, and received only one day off each month, earning merely 3p per item they manufactured.
Earlier in May, there were reports of Sajid Javid, the former Chancellor of the Excheissor, engaging in talks regarding a potential advisory role with Shein.
As Shein considers proceeding with its IPO in the UK, it may have to contend with new governmental leadership.
In the run-up to the general election, which is just one month away, political parties are beginning to articulate their strategies to kickstart the economy.
Leaders from the industry have started to share their hopes for the policies and support they expect from the incoming government.
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