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Shein Silently Files For June London IPO


Shein Silently Files For June London IPO

The globally recognized fast fashion behemoth, Shein, has surreptitiously commenced steps towards a public listing on London’s stock exchange, projected to be among the most notable worldwide IPOs of the year.

In early June, Shein covertly lodged its application for an inaugural public offering with the London Stock Exchange, sources informed Reuters.

Earlier this year, the company pivoted towards the London exchange after its original efforts toward a New York listing encountered difficulties arising from the scrutiny of US lawmakers.

Accusation have been leveled against Shein relating to connections with manufacturers suspected of labor misuse, paying minuscule wages to workers tasked with creating cheaply-priced apparel.

An exposé broadcasted on Channel 4 during 2022 exposed the harsh realities within the facilities producing for Shein, where employees faced up to 18-hour workdays, inclusive of weekends, and were allowed only a single day off each month, earning a paltry 3p for every item produced.

In May, it emerged that Sajid Javid, the ex-Chancellor of the Exchequer, was reportedly in discussions for a consultancy position with Shein.

With Shein weighing its IPO venture in the British market, it may need to navigate the waters of a new political status quo.

With the general election just around the corner, political entities are now outlining their economic revival tactics.

Key industry figures have begun voicing their expectations for the economic initiatives and governmental assistance they desire from the soon-to-be government.

Image Source: Kaspars Grinvalds / Shutterstock

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