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London Stock Exchange denies lowering standards to win Shein IPO
Fast-fashion retailer had planned New York listing before US lawmakers raised concerns over forced labour allegations
The retailer reportedly filed papers to float on the London Stock Exchange in June, and secured support for a potential UK IPO from the Labour party weeks before the July election. But London Stock Exchange Group (LSEG) chief executive, David Schwimmer, denied any suggestion that the bourse was lowering standards in order to lure Shein’s £50bn listing to the UK. In May, an investigation by the Switzerland-based non-profit group Public Eye found that workers producing garments for Shein routinely worked more than 70-hour weeks, while other exposés have alleged that suppliershave used forced labour in the Xinjiang region.
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