The ultra-fast fashion behemoth SHEIN is considering listing on the London Stock Exchange, but the resistance is becoming louder. The British Fashion Council (BFC) has added its voice to the growing chorus of protesters opposing this action.
Caroline Rush, the BFC’s chief executive, conveyed her apprehension, stating, “At a time when global fashion leaders are rightly focused on making our sector more socially, environmentally, and economically sustainable, the Government’s courting of SHEIN to list on the London Stock Exchange, and SHEIN’s decision to do so, is of significant concern to UK fashion designers and retailers.”
Mathias Bolton, the head of commerce at UNI Global Union, echoed similar sentiments to the Guardian, asserting, “SHEIN shouldn’t be rewarded with the credibility of being listed in the City, or anywhere else, given the lack of transparency in their supply chain and shocking reports of severe labour violations.”
Moreover, SHEIN’s possible listing encounters one more challenge. The company would not be eligible to be included in the FTSE 100 index because it would not have the necessary amount of free float, which is set at 25% for companies established outside of the UK.
There are issues that go beyond the listing itself. According to reports, SHEIN flies separately packaged purchases straight from Chinese warehouses to customers’ homes, enabling the shipments to clear the 135 per cent import tariff threshold, which is 12 per cent for clothing.
