The TV retail consultant known as ‘Mary Queen of Shops’ has called on the government to block a proposed London stock market listing by Shein.
Mary Portas, who undertook a review of UK high streets for the coalition government led by David Cameron, was speaking as an online petition by the Say No to Shein campaign neared its target of 35,000 signatures.
The Chinese-founded fast fashion firm is expected to seek a £50bn valuation in an initial public offering (IPO) late this summer or in the early autumn.
Money latest:
Pound flies after inflation news – and it’s good for Brits abroad
The prospect of a London listing arose after it was snubbed in the US, where Chinese firms generally are facing a hostile reception due to perceived links with the state.
Sky News revealed in early June that the company was on the verge of filing a prospectus with the Financial Conduct Authority and was later said, by the Reuters news agency, to have made that step.
Shein’s critics say the UK government should block the application until it has completed a thorough investigation into the company’s labour practices, environmental impact and tax arrangements.
Money blog: Pound flies after inflation news – and it’s good news for holidays
Inflation rate remains at Bank of England’s 2% target rate
Bank of England economists will not be panicking over inflation data – as ‘Taylor Swift effect’ appears minor
It has also faced claims related to copying of branded goods to sell on at discounted prices.
“Why would we as a country consider embracing a company like Shein onto the London Stock Exchange?,” Ms Portas said.
“This is a company with allegations of unethical business practices, modern slavery, and violating labour laws. Surely we are better than this?”
Last month a separate UK-based group called Stop Uyghur Genocide launched a legal bid to block any London IPO by Shein.
Please use Chrome browser for a more accessible video player
The company was yet to comment on the petition but has previously said that it is committed to respect for human rights and has a zero-tolerance policy for forced labour.
Shein executives met with both Conservative and Labour politicians in the run up to the general election.
Read more:
Why Shein is seeking London flotation – Ian King
Be the first to get Breaking News
Install the Sky News app for free
Labour has previously signalled conditional support for a Shein IPO but said it should be regulated in the UK.
The firm’s current base is Singapore.
The UK government, like its Conservative predecessor, is anxious to strengthen the appeal of the UK as a place to do business after other top financial services destinations such as New York benefited from new business in the wake of Brexit.
