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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Senior UK politicians demand further Shein examination before a London listing.

People shop at the Shein Holiday pop-up shop inside of Times Square's Forever 21 in New York City, U.S., November 10, 2023.REUTERS/David 'Dee' Delgado/File Photo
People shop at the Shein Holiday pop-up shop inside of Times Square's Forever 21 in New York Ci... People shop at the Shein Holiday pop-up shop inside of Times Square's Forever 21 in New York City, U.S., November 10, 2023.REUTERS/David 'Dee' Delgado/File Photo
People shop at the Shein Holiday pop-up shop inside of Times Square's Forever 21 in New York City, U.S., November 10, 2023.REUTERS/David 'Dee' Delgado/File Photo
People shop at the Shein Holiday pop-up shop inside of Times Square's Forever 21 in New York Ci... People shop at the Shein Holiday pop-up shop inside of Times Square's Forever 21 in New York City, U.S., November 10, 2023.REUTERS/David 'Dee' Delgado/File Photo

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Three prominent British parliamentary committee chairs have questioned Shein’s suitability for a London stock market listing.
Shein is preparing for a London IPO after regulatory concerns and U.S. lawmakers halted its New York sale.
Senators in the United States have accused Shein of unfair competition, labor violations, and import tax exemptions. They oppose Shein’s application until these charges are finalized.
The Conservative Foreign Affairs Committee chair, Alicia Kearns, opposed listing Shein in London.
“With Shein’s prices so low, the London Stock Exchange needs to ask whose suffering is subsiding them,” she said.
“A company that does not follow U.K. law’s requirements for supply chain disclosure and has serious concerns about working conditions in factories has no place in London.”

Photo Credit: ALAMY

She said London should not put modern slavery businesses on its list.

Until the accusations are proven, we should not back Shein’s application.”
Her rep told her, “SHEIN is investing millions of dollars in supply chain governance and compliance, with some exceptions.”
During our regular audits, supplier partners’ performance and compliance get better. Wage increases for workers are fair.
The spokesperson said that Shein’s official website in the UK has the Modern Slavery Statement.

He stated, “It is not ideal that Shein’s London floating could get the green light without parliamentary scrutiny.”
Parliament must address Congress’s concerns about Shein’s supply chain of forced labor.

Protecting London’s stock market and investors requires this thorough study.

When it comes to a company like Shein and whom it uses in its labor and supply chains in China, we need more serious scrutiny.
Shein, a worldwide firm serving customers in over 150 countries, values transparency and scrutiny. Its commitment to high standards should inspire public and regulatory confidence in its operations.


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