Campaign launches petition to block Shein’s London IPO

Prior to Britain's July 4 election, Labour indicated its support for Shein listing in London but opposition to the move is building

A new campaign backed by British retail consultant and television personality Mary Portas has launched an online petition calling on the new Labour government to block fast fashion retailer Shein’s London IPO.

China-founded Shein, known for its $5 tops and $10 dresses, confidentially filed papers with Britain's markets regulator early last month, two sources told Reuters, starting the process for a potential London IPO later in the year.

The campaign accuses Shein of exploiting workers, damaging the environment and avoiding tax. Some senior UK lawmakers have questioned Shein's suitability for going public in the UK and called for greater scrutiny of its labour practices, supply chain and use of an import tax exemption.

Shein refutes these inaccurate allegations, which are based on outdated sources and false claims, the company said in a statement.

We are open to engaging with our critics to provide a true picture. Shein has responded to similar incorrect claims with tangible evidence of our commitment and investment to provide a safe and fair work environment across our supply chain, it added.

Prior to Britain's July 4 election, Labour indicated its support for Shein listing in London but opposition to the move is building.

The "Say No to Shein" campaign, which is also backed by former Green Party lawmaker Caroline Lucas, wants the government to block Shein's application to list on the LSE until it has completed a thorough investigation into its labour practices, environmental impact and tax arrangements.

In a statement in May, Shein said it was actively working to improve suppliers' practices, and investing tens of millions of dollars to strengthen governance and compliance in its supply chain.