The unstoppable rise of fashion's £50bn giant
Evening Standard|June 04, 2024
As ministers woo Shein to make the most contentious London stock market listing in years, Katie Strick on the secret world behind the hyper-fast clothing behemoth
Katie Strick
The unstoppable rise of fashion's £50bn giant

IT'S the £50 billion fashion behemoth you've probably never heard of. Or almost definitely aren't sure how to pronounce. Unless you're an adolescent girl or 30-something woman, of course, in which case your wardrobe may well be full of the stuff: £13.99 jeans and £1.65 tops as seen on TikTok. Either way, you might soon be seeing more of Shein (pronounced "she-in") in the coming days, as the hyper-fast fashion brand looks to file for a London stock market listing.

According to insiders, the Chinafounded clothing giant is set to confidentially file its intention to float with UK regulators after tensions between Beijing and Washington threw a spanner in the works of its plans for an IPO in New York. If the plans are accepted, it would be one of the largest deals for the London Stock Exchange in a decade, with an IPO likely to value the company at about $66 billion (£51.7 billion) - a boost to the stock market after Brexit, but a kick in the teeth for UK fashion brands and a worrying middle finger up to campaigners calling for an end to the crisis that is fast fashion.

Unethical factory conditions that some say verge on forced labour, "nightmare" environmental practices and alarmingly cheap prices fuelling unfair competition are among the criticisms of Shein in recent years. Tory MP Tom Tugendhat recently called the company a "sinister cross between surveillance and capitalism" for its race-to-the-bottom prices, wasteful consumerism and data harvesting. (Shein has come under fire for using algorithms to spy on users' internet browsing). Just months later, his own Conservative colleague Chancellor Jeremy Hunt is now in planning talks with Shein's executive chairman Donald the latest in a series of both Conservative and Labour ministers seemingly courting Tang in a bid to woo the brand to London. So how did Shein do it, exactly?

This story is from the June 04, 2024 edition of Evening Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the June 04, 2024 edition of Evening Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM EVENING STANDARDView All
In the eye of the storm A rich account of Britain's political chaos
The London Standard

In the eye of the storm A rich account of Britain's political chaos

Tim Shipman’s fourth and final tome covers Johnson to Sunak, via Truss

time-read
4 mins  |
November 28, 2024
Is this government full of amateurs?
The London Standard

Is this government full of amateurs?

Labour's hard landing has revealed a cabinet struggling with the basics

time-read
4 mins  |
November 28, 2024
It's going to be weird when the national anthem plays, but I'm so proud to lead the United States
The London Standard

It's going to be weird when the national anthem plays, but I'm so proud to lead the United States

Emma Hayes closed the book on 12 trophy-laden years at Chelsea with her fifth consecutive Women’s Super League title in May.

time-read
6 mins  |
November 28, 2024
Can Guardiola fix 'fragile' City after latest implosion?
The London Standard

Can Guardiola fix 'fragile' City after latest implosion?

Rebuilding his ageing side will bea greater challenge than building it in the first place for one of the greats

time-read
3 mins  |
November 28, 2024
London wins battle of the global city brands again...
The London Standard

London wins battle of the global city brands again...

...but the capital still has plenty of work to do ifit wants to keep that crown

time-read
4 mins  |
November 28, 2024
At home with...Earl of East
The London Standard

At home with...Earl of East

The duo behind the fragrance brand have made a Leyton new-build their sanctuary

time-read
4 mins  |
November 28, 2024
How evolution evolved: the risks and rewards of gene-editing technology
The London Standard

How evolution evolved: the risks and rewards of gene-editing technology

INDIA BLOCKspeaks to paediatrician and TV writer Dr Neal Baer about the controversial advancement

time-read
4 mins  |
November 28, 2024
This beloved take on Dickens is a joyful gift that keeps on giving
The London Standard

This beloved take on Dickens is a joyful gift that keeps on giving

AIl through a bright, bitter winter day I was smiling because I was coming to see Jack Thorne's adapAtation of Charles Dickens's story again.

time-read
2 mins  |
November 28, 2024
Market merrymaking
The London Standard

Market merrymaking

Bundle up in your warmest coat, hat and mittens to visit the best Christmas markets in the UK.

time-read
3 mins  |
November 28, 2024
Festive favourites
The London Standard

Festive favourites

Perfect your Christmas spread with a vibrant spin on a seasonal staple.

time-read
2 mins  |
November 28, 2024