Former Asos CEO Nick Beighton has spoken out against Shein’s listing on the London Stock Exchange, describing elements of the retailer’s business model as “genius” but “something to be terrified about”.
Speaking at the Source Fashion trade show in London, Beighton said: “Some of the standards of how [Shein] are producing garments, the lack of transparency, their renowned opaqueness, makes me extremely nervous.”
The executive added: “I think that the London Stock Exchange should be the premier place for the best brands, the best industries, and the highest standards.”
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The comments come as the fast fashion giant faces a backlash against its potential London listing, with retail consultant Mary Portas launching an online petition against the move this week.
Earlier this month, it was reported that Shein’s £50bn IPO was at risk, as the EU planned to impose a customs duty on cheap goods.
The plans come amid growing demand from retailers based in mainland Europe, the UK and US about rising competition from Chinese-linked marketplaces Shein and Temu, which exploit a loophole that excludes low-value items from being taxed.
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