Shein's £50bn London float held up by anti-slavery commissioner and Uyghur campaign group
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Shein’s £50billion stock market listing has been held up after the Government’s anti-slavery commissioner and an Uyghur campaign group challenged the plan. The fast fashion giant is preparing for a London float next year in a boost for the City amid an exodus of companies from the market.
![[Slavery fears: Human rights organisations have long accused China of abuses in the Xinjiang region, where they say Uyghurs are forced to work producing cotton and other goods]](https://i.dailymail.co.uk/1s/2024/12/12/20/93095819-14187029-image-a-3_1734034059618.jpg)
But the move has whipped up controversy due to allegations about forced labour at its suppliers, prompting money managers to warn that London should not become a listing ‘place of last resort’. And in the latest blow to the online retailer’s plans, the financial regulator has not yet approved the initial public offering.
Based in Singapore, Shein was founded in China and relies on suppliers in the country to manufacture its cut-price T-shirts and dresses. Human rights organisations have long accused China of abuses in the Xinjiang region, where they say Uyghurs – a mostly-Muslim ethnic group – are forced to work producing cotton and other goods. Beijing has denied any abuses.
City boost: Chinese fast fashion giant Shein is preparing for a London float early next year in a boost for the City amid an exodus of companies from the market. More than a fifth of the world’s cotton comes from the region but much is thought to be produced through slave labour, prompting Western brands including H&M and Nike to announce that they would remove the material from their supply chains.
