Fast-fashion brand Shein expressed interest in 2023 in listing on the New York Stock Exchange (NYSE). But, having met some opposition from US politicians, including Republican Florida Senator Marco Rubio, it has now reportedly turned its attention to London.
While this would be a boost for the London Stock Exchange (LSE), which has lost several organisations to other international exchanges over the last five years, it raises the question of why Shein has not been successful with its application to the NYSE.
Shein has gained a significant global market share in online fast fashion since launching in China in 2008. It found success accelerating the already lucrative fast-fashion business model to become an ultra-fast fashion retailer.
That Shein is the second-most popular fashion retailer for American Generation Z is unsurprising, given the vast choice of up to 10,000 new garments uploaded daily at significantly lower prices than fast-fashion competitors such as Zara and H&M.
Yet those strategies that have enabled Shein's international expansion are now likely hindering its application to the NYSE. The low cost of fast fashion in general has long been linked to potential labour exploitation, and the precariousness of outsourcing fashion production to the cheapest supplier within a global supply chain was evident during the Covid-19 pandemic. And as awareness of unethical and unsustainable practices in the wider industry grows, activists may yet have the power to disrupt Shein's growth.
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