UK retail consultant Mary Portas has called on the new government to block a proposed London stock market listing by fast-fashion retail giant Shein.
Known in Britain as ‘Mary Queen of Shops’, Portas voiced her opposition as an online petition by the ‘Say No to Shein’ campaign neared its target of 35,000 signatures.
“Why would we as a country consider embracing a company like Shein onto the London Stock Exchange?” Portas told Sky News.
“This is a company with allegations of unethical business practices, modern slavery, and violating labour laws. Surely we are better than this?”
Shein is expected to seek a £50 billion valuation in an initial public offering (IPO) in London late this summer or in the early autumn.
However, its critics believe the UK government should block the application until it has completed a thorough investigation into the company’s labour practices, environmental impact and tax arrangements.
Last month, a separate UK-based group called Stop Uyghur Genocide launched a legal bid to block any London IPO by Shein.
The company has yet to comment on the petition but has previously said that it’s committed to respect for human rights and has a zero-tolerance policy for forced labour.
Copyright © 2024 FashionNetwork.com All rights reserved.
Translated by Roberta HERRERA Published September 20, 2024 On Monday, September 23, the historic Place de l'Opéra in Paris will be transformed i
Translated by Nicola Mira Published September 20, 2024 Lithuanian vintage fashion e-tailer Vinted, which made a profit for the first time in 2023
By Bloomberg Published September 20, 2024 Skechers U.S.A. Inc. shares are delivering their worst daily performance since the coronavirus pandemic
By Reuters Published September 20, 2024 Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Do