Business, Economics, Stock markets, Fashion industry Business | The Guardian
Rolling coverage of the latest economic and financial news, as Shein inches towards a float on the London stock exchangeThe Labour Party has held talks with the boss of Shein to try to persuade the Chinese-founded fast-fashion company to opt for a blockbuster London float, The Times reports this morning.They say:Jonathan Reynolds, the shadow business secretary, Sarah Jones, the shadow minister for industry, and Chris Bryant, the shadow minister for creative industries, are understood recently to have met Donald Tang, the executive chairman of Shein, to discuss a potential initial public offering in London.Sources told The Times that Labour, which could come to power after the general election in July, was “very supportive” of Shein listing in the UK.The company hit a record of more than $2bn in profits for 2023, surpassing the $700mn of net income it generated in 2022 and $1.1bn in 2021.By comparison, rivals H&M and Zara owner Inditex reported net profits of SKr8.7bn ($820mn) and €5.4bn ($5.8bn), respectively, in their most recent fiscal years. Continue reading…
Rolling coverage of the latest economic and financial news, as Shein inches towards a float on the London stock exchange
The Labour Party has held talks with the boss of Shein to try to persuade the Chinese-founded fast-fashion company to opt for a blockbuster London float, The Times reports this morning.
Jonathan Reynolds, the shadow business secretary, Sarah Jones, the shadow minister for industry, and Chris Bryant, the shadow minister for creative industries, are understood recently to have met Donald Tang, the executive chairman of Shein, to discuss a potential initial public offering in London.
Sources told The Times that Labour, which could come to power after the general election in July, was “very supportive” of Shein listing in the UK.
The company hit a record of more than $2bn in profits for 2023, surpassing the $700mn of net income it generated in 2022 and $1.1bn in 2021.
By comparison, rivals H&M and Zara owner Inditex reported net profits of SKr8.7bn ($820mn) and €5.4bn ($5.8bn), respectively, in their most recent fiscal years.
