Shein boss confirms IPO plans

Shein has publicly confirmed plans to float on the stock market for the first time, with the London Stock Exchange thought to be the preferred location.

Executive chairman Donald Tang told The Times that he wanted the fashion giant “to embrace the…accountability and transparency of being a public company”.

Tang refused to comment on the timing, valuation and destination of a listing, but stated that Shein would list “whenever it’s appropriate”.

“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.”

Shein is understood to have filed paperwork with the Financial Conduct Authority last summer for a London listing and is still waiting for regulatory approval.

Tang’s comments mark the first time the company has publicly confirmed its intentions for a flotation.

The fashion giant has since come under fierce scrutiny from politicians and campaigners over its labour practices of selling cheap clothes made in China.

Tang rejected claims that the retailer exploited workers and damaged the environment and said the company complied with laws in local markets and had much lower product waste than competitors because of its low inventory levels.

The chairman said that he “admired” UK regulators for “a clear sense of separation between politics and regulation”.

Shein has become a member of the Confederation of British Industry (CBI), which Tang explained was because “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.”

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