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Shein executive chairman Donald Tang has confirmed that the fast-fashion giant has plans to float on the stock market for the first time, with the London Stock Exchange being the company’s target.
In an interview with The Times, Tang said he wanted the company to “embrace the…accountability and transparency of being a public company”.
However, Tang refused to confirm any timeline or valuation for the listing saying Shein would list “whenever it is appropriate”.
He said: “When you’re doing anything like that, it’s not us. It’s about all the appropriate agencies who have the say … it will eventually become one [a public company] because of the scale and maturity.”
It is understood that the company filed paperwork with the Financial Conduct Authority last summer for a London listing and is still waiting for regulatory approval.
Since this move, the retailer has come under fire from politicians over its labour practices of selling cheap clothes made in China.
MPs on the Business and Trade Committee were left “horrified” after a representative for Shein could not answer questions over where the business sources its cotton from.
Chairman of the committee Liam Byrne MP branded the retailer as “disrespectful” following the appearance.
Tang rejected the claims that Shein exploited workers and damaged the environment and stated that the company complied with laws in local markets and had much lower product waste than competitors because of its low inventory levels.
Furthermore, Tang confirmed that Shein was now a member of the Confederation of British Industry (CBI), saying: “we want to be a globalised company. In London, we want to be a British company. We want to be a British local company. We’re registered here, we’re paying taxes here, we want to be part of a community.”
