SHEIN is reportedly thinking of cancelling its intended £50 billion London listing due to growing concerns in Beijing about the depiction of the fast-fashion giant in the UK. Senior Chinese representatives of the company are markedly displeased with the censure directed towards SHEIN from British politicians, the media, other merchants, and investors.
The British Fashion Council lately shared apprehensions about SHEIN’s planned listing, citing major industry concerns concerning its business practices. Caroline Rush, CEO of the BFC, emphasised that among global efforts to improve sustainability in the fashion sector, the UK Government’s support for SHEIN’s listing on the London Stock Exchange raises important concerns among British fashion designers and retailers.
Prior to this, SHEIN had discarded plans for an initial public offering in New York following criticism from the US National Retail Federation. The company has faced scrutiny for sourcing practices that supposedly exploit low-wage garment workers to provide clothes at deeply discounted prices.
Despite being based in Singapore, SHEIN’s manufacturing of inexpensive fast fashion occurs principally in China, requiring approval from Beijing regulators for its London listing. Reports imply that Chinese authorities may now move forward for SHEIN to look for a listing in Hong Kong instead of London.
SHEIN’s potential proposal in London was predicted to provide a sizeable boost to the London Stock Exchange, which has witnessed a reduction in company listings and does not have major new listings.
