In anticipation of the upcoming election, the Labour Party met with Shein to discuss the fast-fashion company's potential listing on the London Stock Exchange.
Labour's Mission for Growth
In anticipation of its prospective London listing, the Labour Party, widely anticipated to win the upcoming British election, has met with Shein, a fast-fashion manufacturer founded in China.
Reuters reports that, according to an opposition party spokesperson, Labour has conferred with various companies, including Shein, that are interested in investing or listing in Britain. "Raising investment, productivity and growth is one of Labour's missions for government."
The conferences coincide with the anticipated IPO of the e-commerce fashion retailer, which was valued at $66 billion in its most recent funding round, on the London Stock Exchange this year.
Regulatory Standards in Focus
Any company operating in the United Kingdom must adhere to "the highest regulatory standards and business practices," according to Labour. "We believe the best way to ensure this is to have more companies operating from and regulated by U.K. law," the representative stated.
It was The Times that initially reported on the meetings, and Shein declined to comment on them. In response to previous inquiries regarding its governance, a Shein spokesperson stated, "Shein is allocating millions of pounds towards enhancing compliance and governance throughout its supply chain."
Following regulatory obstacles and opposition from U.S. legislators that impeded its attempt to go public in New York, the organization intensified preparations for its London listing.
Shein's London Listing Plans
In May, sources told Reuters that Shein initiated discussions with the London-based teams of its financial and legal advisors to investigate a listing on the London Stock Exchange.
As early as this week, Shein intends to submit a prospectus to the Financial Conduct Authority of Great Britain in pursuit of authorization for a potential London float.
Photo: Shein Photo Assets