Mary Portas and other campaigners are urging the new Labour government to block Shein's planned £50 billion London Stock Exchange listing. The retail consultant has launched an online petition, supported by former Green Party lawmaker Caroline Lucas, demanding governmental intervention until Shein undergoes thorough investigations into its labour practices, environmental impact, and tax arrangements.
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Shein, a fast fashion giant, recently filed confidential papers with the Financial Conduct Authority (FCA) to initiate its IPO.
The 'Say No To Shein' petition has garnered over 33,000 signatures, backed by advocacy groups like Stop Uyghur Genocide, which has urged the FCA to reject Shein's application based on legal grounds related to human rights concerns.
In response, a Shein spokesperson emphasized their zero-tolerance policy towards forced labour and commitment to transparency across their supply chain in an article on Retail Gazette. They asserted that Shein mandates its manufacturing suppliers to source cotton only from approved regions and ensures competitive rates to enable fair wages for workers.
The controversy underscores growing scrutiny over ethical standards in corporate governance, particularly within the fashion industry, as Shein's potential IPO prompts broader societal and regulatory debates in the UK.
Source: www.retailgazette.co.uk