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A company wishing to sell its shares in the UK must first apply to the FCA for a prospectus containing detailed financial information to be approved.<\/p>\n
The filing of papers is the first stage of that process and brings the company a step closer to a listing in the UK \u2013 selling shares in the business on the London Stock Exchange \u2013 but doesn’t necessarily mean it will end up listing there.<\/p>\n
In fact, it was initially thought that a listing in the US was the most likely route for Shein after the firm filed papers there late last year, but the move came under close scrutiny from both Republican and Democrat politicians amid concerns about the company\u2019s close links to China.<\/p>\n
Earlier in June, Marco Rubio, a leading Republican on the US Senate Intelligence Committee, and an ally of Donald Trump, wrote to UK Chancellor Jeremy Hunt warning him about “grave ethics concerns” and Shein\u2019s “deep ties to the People\u2019s Republic of China”.<\/p>\n
\u201cSlave labor, sweat shops, and trade tricks are the dirty secrets behind SHEIN\u2019s success,\u201d Mr Rubio wrote in his letter to Mr Hunt.<\/p>\n
\u201cThe United Kingdom has a storied tradition of abolitionism, from Wilberforce and Cowper to the Modern Slavery Act in our day. I trust you will treat these allegations against SHEIN with the utmost seriousness, investigate them fully, and take appropriate action to protect investors,\u201d he added.<\/p>\n
A spokesperson for the company said: “SHEIN has a zero-tolerance policy for forced labour and we are committed to respecting human rights. We take visibility across our entire supply chain seriously and we require our contract manufacturers to only source cotton from approved regions.”<\/p>\n<\/div>\n\n\n
Getty Images<\/span><\/div>\n<\/div>\nArabella Chi is another Love Islander who promotes Shein<\/figcaption><\/p>\n<\/figure>\n\n
UK MPs have also expressed concern, but Labour\u2019s shadow business secretary Jonathan Reynolds indicated on Monday that he would welcome Shein listing its shares in London, as it would open the company up to closer scrutiny.<\/p>\n
In a business election debate, hosted by Bloomberg, Mr Reynolds said he had met representatives from the company.<\/p>\n
\u201cMy view on any business of this sort is that if they\u2019re doing business in the UK, we should ideally seek to regulate them from the UK.<\/p>\n
\u201cThe kind of expectations we would have, whether that is on labour market or regulatory compliance, or tax – that is best done from them being based in the UK.<\/p>\n
\u201cSo if a listing was to be considered, I would want that, because I would know that is the way we can enforce the high standards we would expect,\u201d he added.<\/p>\n
His opponent in the debate, the Conservative Business Secretary Kemi Badenoch, said she had concerns over a potential listing but added: \u201cIt doesn\u2019t mean we don\u2019t want them.\u201d<\/p>\n
Admitting that she was yet to meet anyone from the company, Ms Badenoch said one concern was around Shein\u2019s business model of sending smaller packages direct to customers in the UK. Under customs rules, duties are not paid on goods under \u00a3135 and she said that could mean \u201cquite a lot lost in terms of taxes\u201d for the government.<\/p>\n
Ms Badenoch also said she would “want to look at” allegations around forced labor.<\/p>\n
\u201cThe City is regulated and we have regulators that do that. I\u2019m talking specifically about this business and what we\u2019d want to see.<\/p>\n
\u201cWe don\u2019t want a situation where the business secretary is interfering in every single listing\u2026 but those are my specific problems with Shein,\u201d Ms Badenoch said.<\/p>\n<\/div>\n
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Some parts of the fashion sector in the UK have also urged caution. The British Fashion Council (BFC), which represents companies such as Burberry and Mulberry, said a stock exchange listing for Shein would be \u201cof significant concern to UK fashion designers and retailers\u201d.<\/p>\n
\u201cFashion businesses, including Shein, must embrace corporate due diligence in their supply chains. The BFC would encourage the UK government, the Financial Conduct Authority and the London Stock Exchange to ensure that any business listing in London is an active, responsible leader in this regard and is able to evidence addressing compliance and sustainability concerns in all areas, from worker treatment to material sourcing to citizen engagement in disposable fashion,\u201d said Caroline Rush, the chief executive of the BFC.<\/p>\n
Despite the criticism, a potential Shein listing would be seen by many as a big boost for London, which has seen a number of high-profile companies leave the city for the US.<\/p>\n
In an interview with the BBC last month, the head of the London Stock Exchange, Julia Hoggett, said the move would ensure the company became more transparent.<\/p>\n
\u201cAny company that wishes to put itself through the scrutiny of being on public markets – that is the opportunity for them to raise the bar in the way that they approach their corporate governance and the way they approach investors, and I think that is very much the value that public markets have,\u201d she said.<\/p>\n<\/div>\n<\/div>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"18 hours ago By\u00a0Oliver Smith,\u00a0Business reporter, BBC News Getty Images Shein uses influencers, models, and reality TV stars, such as Love Islander Cally Jane Beech to promote the brand Chinese fast fashion firm Shein has filed initial paperwork taking it a step closer to listing on the London Stock Exchange, the BBC understands. The online […]<\/p>\n","protected":false},"author":1,"featured_media":37320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[56],"tags":[4703,4377,7980,141,3406,8797,2445],"_links":{"self":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/37319"}],"collection":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/comments?post=37319"}],"version-history":[{"count":1,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/37319\/revisions"}],"predecessor-version":[{"id":37321,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/37319\/revisions\/37321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media\/37320"}],"wp:attachment":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media?parent=37319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/categories?post=37319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/tags?post=37319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}