The risks in the business and governance of the fast-fashion group do not justify rejecting a UK listing
If the fast-fashion group Shein manages to become one of the largest UK-listed public companies next year, no one can claim to be unprepared. Founded in China, headquartered in Singapore, spurned by US politicians and regulators, it will have found a financial home in Britain. Shein has not done so yet, despite the energetic efforts of Donald Tang, its executive chair, to persuade the UK of its bona fides.
It also makes suppliers sign a labour code of conduct, and says it withdraws business from those that ignore it. Its advantage over fast-fashion rivals in the UK is partly due to its low-wage network in China . But its technology is also very efficient, enabling it to fulfil orders quickly, and to operate on demand with a minimum of inventory. There remain reasons to be wary. The cost arbitrage on which Shein built its business could soon be squeezed.
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