Renowned TV retail consultant, Mary Portas, known as the ‘Mary Queen of Shops’, has urged the UK government to prevent fast fashion giant Shein from pursuing a proposed London stock market listing. Portas, who spearheaded a review of UK high streets for the coalition government under former Prime Minister David Cameron, made her plea as the Say No to Shein campaign’s online petition reached nearly 35,000 signatures.
The Chinese-founded company is reportedly seeking a staggering £50bn valuation in its upcoming initial public offering (IPO), set to take place in late summer or early autumn. The decision to pursue a London listing comes after Shein was rejected in the US, where Chinese firms are currently facing a hostile reception over concerns of state ties. Sky News previously reported that the company was on the verge of filing a prospectus with the Financial Conduct Authority, with Reuters confirming this step.
Critics of Shein are calling for the UK government to intervene and halt the IPO until a thorough investigation into the company’s labor practices, environmental impact, and tax arrangements can be conducted. The company has also faced allegations of copying branded goods and selling them at discounted prices.
Mary Portas stated, “Why would we, as a country, welcome a company like Shein onto the London Stock Exchange? This is a company with serious allegations of unethical business practices, modern slavery, and labor law violations. Surely, we are better than this.”
Last month, a UK-based group called Stop Uyghur Genocide launched a legal bid to block any potential London IPO by Shein. The company has yet to address the petition but has previously stated its commitment to upholding human rights and a zero-tolerance policy for forced labor. Executives from Shein have met with both Conservative and Labour politicians in the lead-up to the general election.
The Labour party has indicated conditional support for the Shein IPO but has emphasized the need for it to be regulated in the UK, as the company’s current base is in Singapore. The UK government, following the path of its Conservative predecessor, is determined to boost the country’s appeal as a prime destination for business after cities like New York have seen an increase in new business post-Brexit.
