‘Queen of shops’ Mary Portas calls on stock exchange to block Shein’s £50bn IPO
Retail guru Mary Portas is backing the opposition to the proposed IPO of fast-fashion giant Shein in the UK.
Known as the ‘Mary Queen of Shops’ after her TV show, she was involved in launching the ‘Say No to Shein’ campaign, which called on the London Stock Exchange to block the Chinese retailer’s £50bn IPO.
She said: ‘This is a company with allegations of unethical business practices, modern slavery and breaches of labour laws. Surely we are better than this?’
Fears: Mary Portas (pictured with Rachel Reeves) has backed the opposition to the proposed UK listing of Chinese fast-fashion giant Shein
Singapore-based Shein has been criticized for using suppliers who exploit low-wage workers in China to sell its clothes at rock-bottom prices. By shipping directly from China to online shoppers, it avoids customs duties.
Shein is said to have filed documents with the Financial Conduct Authority – the first step toward a stock market listing.
The petition by fashion campaigner Venetia La Manna and author Grace Blakeley has more than 33,600 signatures. It claims that Shein’s bargains are based on the exploitation of its workers and tax evasion.
The British Fashion Council has said the float was a “significant concern”. The US equivalent’s concerns were one reason why Shein abandoned plans for a float in New York.
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