The UK government has reportedly held talks with Shein’s boss (Representational image)
London:
Speculation mounted on Tuesday that Chinese-founded “fast fashion” giant Shein was mulling floating on the London Stock Exchange, with Sky News reporting that the UK government has held talks with its boss.
Finance minister Jeremy Hunt met Donald Tang, Shein’s executive chairman, earlier this month “as part of efforts to convince it to list in the UK,” the broadcaster reported.
If the government succeeds, it would be one of London’s biggest-ever corporate flotations.
Shein, founded as ZZKKO in 2008 in China and based in Singapore, has quickly conquered the global fast fashion market by catering to young customers through social media.
Valued at $66 billion last year with revenues reportedly over $23 billion, the online retailer is eyeing a major initial public offering, with the Wall Street Journal reporting in November that it was initially looking at New York.
However, Sky reported that it was concerned the US Securities and Exchange might reject the application.
The firm has been accused of exploiting unpaid labour, obscuring production processes and encouraging overconsumption as it faces the wrath of environmental and human rights activists.
Chinese-owned online retailer Temu recently sued Shein in a US court, accusing it of “mafia-style” intimidation tactics to keep the upper hand in the local market.
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