Controversial clothing giant Shein is now attempting an IPO in London

This article was last updated on June 25, 2024

Canada: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…

Controversial clothing giant Shein is now attempting an IPO in London

Chinese online clothing retailer Shein wants to go public in London. The clothing giant has submitted the documents for an application for an IPO to the British regulator, reports Reuters news agency based on anonymous sources.

Shein previously aimed unsuccessfully for a stock exchange listing in New York. There was then heavy criticism about possible forced and child labor in the brand’s factories. At the same time, American politicians were strongly against the New York stock exchange listing due to alleged close control by the Chinese government. Partly for this reason, Shein already moved its head office to Singapore.

After the failed American adventure, a British IPO of Shein has been considered for some time. According to analysts, this can happen quickly now that the company has submitted all the documents for this. The IPO could be one of the largest ever for the London stock exchange. Shein’s stock market value is estimated at around $50 billion.

Forced labour

There is also criticism in Great Britain of the arrival of the popular fashion brand. Despite promises to improve working conditions in the factories, there remain reports appear about the dire situations of employees: they work extremely long hours, are underpaid and there is forced and child labor to produce Shein’s cheap clothes.

Opposition Labor party told the FT business newspaper last month tax benefit to tackle Shein if the party wins the British elections.