IT'S the £50 billion fashion behemoth you've probably never heard of. Or almost definitely aren't sure how to pronounce. Unless you're an adolescent girl or 30-something woman, of course, in which case your wardrobe may well be full of the stuff: £13.99 jeans and £1.65 tops as seen on TikTok. Either way, you might soon be seeing more of Shein (pronounced "she-in") in the coming days, as the hyper-fast fashion brand looks to file for a London stock market listing.
According to insiders, the Chinafounded clothing giant is set to confidentially file its intention to float with UK regulators after tensions between Beijing and Washington threw a spanner in the works of its plans for an IPO in New York. If the plans are accepted, it would be one of the largest deals for the London Stock Exchange in a decade, with an IPO likely to value the company at about $66 billion (£51.7 billion) - a boost to the stock market after Brexit, but a kick in the teeth for UK fashion brands and a worrying middle finger up to campaigners calling for an end to the crisis that is fast fashion.
Unethical factory conditions that some say verge on forced labour, "nightmare" environmental practices and alarmingly cheap prices fuelling unfair competition are among the criticisms of Shein in recent years. Tory MP Tom Tugendhat recently called the company a "sinister cross between surveillance and capitalism" for its race-to-the-bottom prices, wasteful consumerism and data harvesting. (Shein has come under fire for using algorithms to spy on users' internet browsing). Just months later, his own Conservative colleague Chancellor Jeremy Hunt is now in planning talks with Shein's executive chairman Donald the latest in a series of both Conservative and Labour ministers seemingly courting Tang in a bid to woo the brand to London. So how did Shein do it, exactly?
Denne historien er fra June 04, 2024-utgaven av Evening Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 04, 2024-utgaven av Evening Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Only £65k a month to live like Boy George
The Karma Chameleon singer listed his house for £17m in 2022, turning down offers. Now, he's looking for a tenant
Welcome to London, unicorn capital of Europe
We're flying far ahead of anywhere outside US for tech investment
Arteta's Arsenal evolution The next phase
Malik Ouzia and Simon Collings assess how the Spaniard will try to bring down Man City after he signs up for another three years with the title in his sights
Title fight catches fire after Gunners embrace dark side
Arsenal-City clashes take on a welcome edge of animosity
Whack the hippy gong-boho's back
It happened in Paris one grey February day. Sienna Miller was in an oversized, black leather jacket, lace-trimmed silk slip and clumpy great wedges.
There's a Starlink waiting in the sky... 7,000 in fact.Can Elon Musk stop them crashing to Earth?
As he was preparing his fields for seeding this year, Barry Sawchuk came across a giant slab of space debris. It had come from a spacecraft belonging to Elon Musk’s company, SpaceX.
'Politicians are only into power-mongering, corruption and cronyism'
We speak to alt revolutionary DEEPAK CHOPRA about biomarkers, his digital twin and his work to save humanity from disease
I've been waiting for a production of Godotthis brilliant all my life
Ben Whishaw and Lucian Msamati bring a potent, tragicomic chemistry to James Macdonald’s rich revival of Samuel Beckett’s challenging play.
Trust me, the Ritz is London's bestrestaurant
To whom we turn in moments of gloom and glory can be instructive, a filter of our truest friends. I've fallen out with the Ritz a couple of times, including once after a visit to the bar which didn’t warrant a review (“But you said it was lovely!” they said.
'Healing is a dirty word'
After four traumatic years, FKA twigs is back with a new album -and a thrilling metamorphosis
