If all goes to plan, Labour will no sooner have taken office than it lands a global business coup. That’s what Sir Keir Starmer and the shadow chancellor, Rachel Reeves, like to believe anyway.
They hope to see Shein get away with its blockbuster £52bn flotation in London. The listing by the giant, fast-growing, world-conquering Chinese-founded fast fashion group would be a clear indication that having been in the doldrums where IPOs are concerned, London is back; foreign companies are not dissuaded by Labour, rather they’re persuaded that the UK is firmly “open for business”.
Yet it seems the reason Shein has chosen London over New York, currently the world leader in new listings, is that the US won’t forgive their allegedly brutal working practices (which Shein denies). That’s hardly something for the UK to celebrate.
Labour has been apprised of the issue and takes the view that having Shein listed on the London Stock Exchange is better than not, that the process of listing will itself aid compliance with laws and obligations. A Labour spokesperson said they had met the company, adding that “raising investment, productivity and growth is one of Labour’s priorities for government”.
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