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Shein's potential IPO on the London Stock Exchange has been labeled a "Badge of Shame" by Amnesty International U.K., citing concerns over the company's labor and human rights practices.
Shein's Secret Submission to U.K. Regulators
On Tuesday, Amnesty International U.K. stated that the planned initial public offering (IPO) of Shein in London would be a "badge of shame" for the London Stock Exchange due to the "questionable" labor and human rights standards of the fast-fashion company.
According to two people who spoke with Reuters on Monday, Shein secretly submitted documents to the British markets regulator in the month of June. This action initiated the process for a possible listing in London later this year.
Amnesty’s Condemnation of Shein’s Practices
"Rewarding Shein's current methods via a flotation would be a badge of shame for the London Stock Exchange," Dominique Muller, a researcher at Amnesty International who specializes in the clothing sector, stated in a press statement.
Earlier statements made by Shein indicate that the company is making investments to increase governance and compliance throughout its supply chain.
Political Opposition in the U.S. to Shein’s Listing
Per US News, due to concerns over the labor market, Shein's listing intentions had been met with political opposition in the United States.
As a result of the problems that the company is experiencing with its supply chain, the China Securities Regulatory Commission (CSRC) warned Shein early this year that the agency would not endorse an initial public offering (IPO) in the United States.
According to Amnesty International, officials from Shein recently met with representatives from Amnesty and then followed up with written responses on a number of topics pertaining to human rights.
Shein did not immediately respond to Reuters' request for comment. As for LSEG, they declined to comment as well.
