The UK Financial Conduct Authority (FCA) is extending its review period for the proposed initial public offering (IPO) of the global fast-fashion brand Shein, as it scrutinises the company’s supply chain management and evaluates potential legal risks, as reported by . The development follows an objection to the listing by an organisation advocating for the rights of the Uyghur community in China. The gold standard of business intelligence.
The UK’s Independent Anti-Slavery Commissioner, operating under the auspices of the Home Office, has also expressed apprehension regarding Shein’s potential market debut due to allegations surrounding the labour conditions at its supplier locations. Shein, headquartered in Singapore with a product range of budget-friendly attire predominantly manufactured in China, confidentially submitted its IPO filing to the FCA in June 2024, aiming for a spot on the London Stock Exchange. Shein is also awaiting clearance from China’s own securities regulator for its London IPO, which is expected to follow a decision from the FCA.
The group Stop Uyghur Genocide (SUG) made public its intent to legally contest the listing in June 2024 and delivered a report to the FCA in August, accusing Shein of utilising cotton sourced from Xinjiang, a region at the centre of international human rights controversy. Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research.
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