June 23, 2024

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British Labor meets Sheen ahead of potential UK IPO

British Labor meets Sheen ahead of potential UK IPO

Britain’s Labor Party, widely expected to take power in the next British election, said it had met Chinese fast fashion retailer Sheen ahead of a possible listing in London.

“Labour has met with a number of companies, including Schein, who want to invest in or list in the UK,” a spokesman for the ruling opposition party said.

“Attracting investment, increasing productivity and growth are some of Labor’s tasks for government.”

Read more: Sheen promises to launch a major IPO in the US His roots go back to China

British lawmakers have questioned the suitability of fashion retailer Sheen for an IPO on the London Stock Exchange and called for greater oversight of its supply chain and labor practices.

Labor said it expected “high regulatory standards and business practices” from any company operating in the UK. “We believe the best way to ensure this is for more companies to operate from the UK and be governed by UK law,” the spokesperson added.

Sheen declined to comment on the meetings, as first reported by The Times. Asked about its management, a Sheen spokesperson previously said: “Sheen is investing millions of pounds to strengthen governance and compliance across our supply chain.”

The meetings come as the online fashion retailer, valued at $66 billion in fundraising last year, hopes to debut on the London Stock Exchange later this year.

British finance minister Jeremy Hunt held talks with Sheen executive Donald Tang in February and the company is keen to hold its IPO in London, a UK government source told Reuters.

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Sheen began engaging with London-based financial and legal teams to explore a listing on the London Stock Exchange earlier this year, sources told Reuters in May.

The company has stepped up preparations for its London IPO after its bid to list in New York faced regulatory hurdles and opposition from US lawmakers.

The company is preparing to submit a prospectus to the British financial regulator for approval for a possible IPO later this week in London, Sky News reported on Sunday.

(Additional reporting by James Davey)