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Shein: Campaigners launch new attempt to block £50bn float

Shein: Campaigners launch new attempt to block £50bn float

Campaigners have launched a fresh attempt to block Shein’s proposed £50bn London listing over claims the online giant has benefited from the “proceeds of crime”.

Stop Uyghur Genocide has initiated a judicial review process to block the fast fashion retailer’s planned float following concerns of alleged abuses in its supply chain.

Details of the claim are linked to the Financial Conduct Authority’s (FCA) looming regulatory decision on Shein’s listing, which has been delayed due to supply chain concerns, The Telegraph reported.

Stop Uyghur Genocide claim the FCA should block the listing on the basis that there is alleged evidence to show that Shein has benefitted from forced labour.

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It said: “The publicly available evidence and Shein’s inability to answer simple questions about its supply chain raises a real risk that Shein’s cotton products, the profits from the sale of those products, and any securities issued by Shein are the proceeds of crime”.

Shein’s hopes of a £50bn London listing are fading as scrutiny over its supply chains increase.

The retailer was accused of “wilful ignorance” last month after MPs were left “horrified” when it failed to answer questions on whether forced labour exists in its supply chain.

In a hearing before the business and trade committee, MPs said they had “almost zero confidence in the integrity” of the online giant’s supply chain after it failed to comment on whether it sources cotton from China, and more specifically, the region of Xinjiang.

A Shein spokesman told the publication: “Shein takes supply chain risks extremely seriously and strictly prohibits forced labour in its supply chain globally.

“Shein complies with all applicable laws and regulations in the countries in which it operates, including the Modern Slavery Act and the Proceeds of Crime Act in the UK.”

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