🛍️ Beighton’s Warning
Nick Beighton, former CEO of Asos, recently spoke out against Shein's listing on the London Stock Exchange. Speaking at the Source Fashion trade show in London, Beighton called parts of Shein’s business model “genius” but also “something to be terrified about.” He said, “Some of the standards of how [Shein] are producing garments, the lack of transparency, their renowned opaqueness, makes me extremely nervous.”
📉 London's Standards
Beighton emphasized the importance of maintaining high standards on the London Stock Exchange. “I think that the London Stock Exchange should be the premier place for the best brands, the best industries, and the highest standards,” he stated. His comments come as Shein faces increasing scrutiny over its potential London listing.
👥 Growing Backlash
Mary Portas, a well-known retail consultant, has launched an online petition against Shein's listing on the London Stock Exchange. This petition has gained significant traction, reflecting the concerns of many in the retail industry about Shein’s business practices. The backlash is part of a broader discussion on the ethics and transparency of fast fashion retailers.
📈 IPO Risks
Earlier this month, news broke that Shein’s £50bn IPO was at risk due to planned EU customs duties on cheap goods. Retailers in Europe, the UK, and the US have been pushing for these duties to level the playing field against Chinese-linked marketplaces like Shein and Temu. These marketplaces have been exploiting a loophole that exempts low-value items from taxation, intensifying competition and raising questions about fairness in the retail sector.
Do you agree with the concerns raised about Shein?
