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Shein's plan to go public on the London Stock Exchange has drawn calls for increased scrutiny from senior UK politicians.
Calls for Scrutiny Amid Shein's Rapid Market Ascendancy
A report by The Guardian states that three parliamentary committee chairs and other high-level politicians have called for more scrutiny of Shein as the fast-fashion brand aims to go public on the London stock market.
Shein is allegedly in talks to go public on the London Stock Exchange following regulators' blocking of its attempt to do so in New York.
The company has gone from being pretty unknown to being the leader in fast fashion. It is known for selling very cheap clothes, bags, and other items.
The company's endeavors to list in New York have been impeded by rigorous scrutiny from the US Congress and allegations of labor malpractices.
Political Debate Intensifies Over Shein's Labor Practices
The government of Rishi Sunak seems eager to get Shein to move to London instead. Senior British politicians, however, opined that a Shein listing should be halted during the general election when parliament is dissolved and that the initial public offering (IPO) should be subjected to greater scrutiny.
"With Shein's prices so low the London Stock Exchange needs to ask itself, whose suffering is subsiding those prices?" said Alicia Kearns, the Conservative chair of the Commons foreign affairs committee.
Shein was charged in 2021 with not providing all the information about its supply lines.
Shein's Financial Opacity Raises Concerns Among Analysts
A law called the Modern Slavery Act 2015 says that companies in Britain of a certain size must make it clear on their websites what they are doing to stop forced labor.
A 2021 Reuters story said that Shein refused to say how much money it makes each year, saying that it doesn't share its income with the public. Analysts think the company is worth $15 billion and makes at least $5 billion a year.
