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Reuters
09-07-2025
- Business
- Reuters
Breakingviews - Shein disclosure row flags London's IPO quandary
DUBLIN, July 8 (Reuters Breakingviews) - Like a toddler seeing how far they can push the boundaries, Shein may be testing the UK's rules on IPO disclosures. The fast-fashion retailer has filed a prospectus for a float in Hong Kong but is still hankering for a London listing, the Financial Times reckons, opens new tab. That should be welcome news to the UK given fundraising is at a 30-year low, but it could also encourage others to embark on a never-ending list of demands. As recently as May, Shein's London listing seemed dead in the water. Back then, the Singapore-based company, which sells $20 dresses, failed to get the nod from the Chinese regulator for a planned UK float. It therefore seemed destined to debut in Hong Kong. But on Tuesday, the Financial Times reported that the company led by Executive Chairman Donald Tang is hoping the UK may back down on some of its disclosure requirements that had stymied the London listing. That would be a big step. Late last year, Financial Conduct Authority Chief Executive Nikhil Rathi said, opens new tab the regulator would not seek to stop a company with legal risks from listing, as long as it disclosed those dangers to investors. In Shein's case that would require it to reveal details about its supply chain, including whether any of the cotton in its T-shirts and sweatshirts comes from the Xinjiang region where China has been accused of using forced labour. Shein says it strictly prohibits forced labour in its supply chain globally. However, the language in the group's planned prospectus was not approved by Beijing, effectively forcing the retailer to abandon London, the FT says. Rathi is already bending over backwards to win fresh IPOs and stop listed firms decamping to New York. He recently changed the requirement for companies to adopt shareholder protections like equal voting rights to get a London premium listing. Investors for their part are more accepting of higher executive pay, a key lure of the New York market. But so far neither have made a difference. In the first half of this year, fundraising from IPOs plummeted to its lowest level in 30 years and the five listings that did feature only raised 160 million pounds, according to Dealogic data. It's possible the UK could find a way to tweak the prospectus language so as to avoid angering China. However, watering down disclosure rules would be a risky move. It could encourage other companies to push the boundaries and potentially leave British pension funds and asset managers exposed to greater risks. The snag is that if London is unable to revive its flagging IPO market, the FCA is likely to come under more pressure to find ways to make the City appealing. Ever looser rules, however, may have diminishing returns. Follow Aimee Donnellan on LinkedIn, opens new tab.
Yomiuri Shimbun
28-06-2025
- Business
- Yomiuri Shimbun
Fast-fashion Retailer Shein's Transport Emissions Jump in 2024
LONDON (Reuters) — Shein's carbon emissions from transporting products climbed 13.7% in 2024, the online fast-fashion retailer's sustainability report showed on June 13, and its 2023 transport emissions were 18% higher than previously reported after a recalculation. Shein uses mainly air freight to send cheap clothes directly from suppliers in China to shoppers in 150 markets worldwide, a more carbon-intensive supply chain model compared with traditional apparel retailers that ship more of their products on container vessels. Shein said it planned to produce, package and ship closer to its customers as a way to lower emissions and cut delivery times and shipping costs. It increased its use of sea freight and trucking in 2024, according to the report. 'We do have localized places like Brazil, like Turkey … so all these things are in the works. Are we fast enough? Are we perfect? Of course not. There are a lot of things that we have to do,' Shein executive chairman Donald Tang said, speaking at the Viva Technology conference in Paris on June 13 after the report was published. Shein argues its business model allows it to produce according to demand and leaves it with less unsold inventory than traditional clothing retailers, minimizing waste. Founded in China and headquartered in Singapore, Shein sources most of its products from 7,000 suppliers in China, but also has a growing network of factories in Brazil and Turkey. Emissions from transporting products to and between Shein facilities, and to customers, including returns, were 8.52 million metric tons of CO2 equivalent in 2024, up from 7.49 million tons of CO2e in 2023, according to the report. Shein's transport emissions for 2024 are more than three times those of Zara owner Inditex, which reported 2.61 million tons of CO2e for its 2024 financial year, a 10% increase on 2023 as the Spanish firm also used more air freight. Shein said its 2023 emissions were recalculated after an update to its methodology. Last year it reported a 2023 figure of 6.35 million tons.
Malay Mail
14-06-2025
- Business
- Malay Mail
Fast-fashion retailer Shein's transport emissions surge 13.7pc in 2024, tripling Inditex's footprint
Shein transport emissions up 13.7 per cent in 2024 2023 emissions updated to 18 per cent more than previously reported Shein's 2024 transport emissions more than triple Inditex's Shein plans to produce, package, and ship closer to customers LONDON, June 14 — Shein's carbon emissions from transporting products climbed 13.7 per cent in 2024, the online fast-fashion retailer's sustainability report showed yesterday, and its 2023 transport emissions were 18 per cent higher than previously reported after a recalculation. Shein uses mainly air freight to send cheap clothes directly from suppliers in China to shoppers in 150 markets worldwide, a more carbon-intensive supply chain model compared with traditional apparel retailers that ship more of their products on container vessels. Shein said it planned to produce, package, and ship closer to its customers as a way to lower emissions and cut delivery times and shipping costs. It increased its use of sea freight and trucking in 2024, according to the report. 'We do have localised places like Brazil, like Turkey... so all these things are in the works. Are we fast enough? Are we perfect? Of course not. There are a lot of things that we have to do,' Shein executive chairman Donald Tang said, speaking at the Viva Technology conference in Paris on Friday after the report was published. France's Senate on Tuesday approved a revised version of a fast fashion law that, if implemented, would ban advertising by Shein and its rival Temu, with French lawmakers criticising Shein's environmental footprint. Shein argues its business model allows it to produce according to demand and leaves it with less unsold inventory than traditional clothing retailers, minimising waste. Founded in China and headquartered in Singapore, Shein sources most of its products from 7,000 suppliers in China, but also has a growing network of factories in Brazil and Turkey. Emissions targets Emissions from transporting products to and between Shein facilities, and to customers, including returns, were 8.52 million metric tons of CO2 equivalent in 2024, up from 7.49 million metric tons of CO2e in 2023, according to the report. Shein's transport emissions for 2024 are more than three times those of Zara owner Inditex, which reported 2.61 million tons of CO2e for its 2024 financial year, a 10 per cent increase on 2023 as the Spanish firm also used more air freight. Shein said its 2023 emissions were recalculated after an update to its methodology. Last year it reported a 2023 figure of 6.35 million metric tons. Steep tariffs imposed by the United States on Chinese goods have made it more urgent for Shein to diversify its supplier base, as the US is its biggest market. The company aims to go public and has shifted its focus to a Hong Kong initial public offering after failing to win Chinese securities' regulatory approval to proceed with a planned London listing. Shein's emissions reduction targets, approved last month by the Science-Based Targets Initiative, are for a 25 per cent reduction in Scope 3 (indirect) emissions by 2030, compared with 2023. In the sustainability report Shein, which has also faced criticism over working conditions in its supply chain, said it ended 12 supplier relationships in 2024 due to violations of its policies, up from five in 2023. Shein conducted 4,288 on-site audits on its suppliers and subcontractors in China over the year, up from 3,990 in 2023. — Reuters
CTV News
13-06-2025
- Business
- CTV News
Fast-fashion retailer Shein's transport emissions jump in 2024
A page from the Shein website is shown in this photo, in New York on June 23, 2023. (AP Photo/Richard Drew, File) LONDON — Shein's carbon emissions from transporting products climbed 13.7 per cent in 2024, the online fast-fashion retailer's sustainability report showed on Friday, and its 2023 transport emissions were 18 per cent higher than previously reported after a recalculation. Shein uses mainly air freight to send cheap clothes directly from suppliers in China to shoppers in 150 markets worldwide, a more carbon-intensive supply chain model compared with traditional apparel retailers that ship more of their products on container vessels. Shein said it planned to produce, package, and ship closer to its customers as a way to lower emissions and cut delivery times and shipping costs. It increased its use of sea freight and trucking in 2024, according to the report. 'We do have localized places like Brazil, like Turkey ... so all these things are in the works. Are we fast enough? Are we perfect? Of course not. There are a lot of things that we have to do,' Shein executive chairman Donald Tang said, speaking at the Viva Technology conference in Paris on Friday after the report was published. France's Senate on Tuesday approved a revised version of a fast fashion law that, if implemented, would ban advertising by Shein and its rival Temu, with French lawmakers criticizing Shein's environmental footprint. Shein argues its business model allows it to produce according to demand and leaves it with less unsold inventory than traditional clothing retailers, minimizing waste. Founded in China and headquartered in Singapore, Shein sources most of its products from 7,000 suppliers in China, but also has a growing network of factories in Brazil and Turkey. Emission targets Emissions from transporting products to and between Shein facilities, and to customers, including returns, were 8.52 million metric tons of CO2 equivalent in 2024, up from 7.49 million metric tons of CO2e in 2023, according to the report. Shein's transport emissions for 2024 are more than three times those of Zara owner Inditex, which reported 2.61 million tons of CO2e for its 2024 financial year, a 10 per cent increase on 2023 as the Spanish firm also used more air freight. Shein said its 2023 emissions were recalculated after an update to its methodology. Last year it reported a 2023 figure of 6.35 million metric tons. Steep tariffs imposed by the United States on Chinese goods have made it more urgent for Shein to diversify its supplier base, as the U.S. is its biggest market. The company aims to go public and has shifted its focus to a Hong Kong initial public offering after failing to win Chinese securities' regulatory approval to proceed with a planned London listing. Shein's emissions reduction targets, approved last month by the Science-Based Targets Initiative, are for a 25 per cent reduction in Scope 3 (indirect) emissions by 2030, compared with 2023. In the sustainability report Shein, which has also faced criticism over working conditions in its supply chain, said it ended 12 supplier relationships in 2024 due to violations of its policies, up from five in 2023. Shein conducted 4,288 on-site audits on its suppliers and subcontractors in China over the year, up from 3,990 in 2023. --- Reporting by Helen Reid; Editing by Louise Heavens and Alison Williams
Fashion Network
09-06-2025
- Business
- Fashion Network
Vivatech set to bring together 3,500 innovative exhibitors from June 11 to 14
The Parisian innovation event will take place from June 11 to 14 at Porte de Versailles (Paris 15th). This edition will once again bring together the latest innovations in sectors ranging from industry to healthcare, as well as transport and logistics. Among the 3,500 exhibitors, there will be about fifty players from the fashion, luxury, and beauty sectors. This year's show will feature 56 exhibitors from these fields, with, as always, massive pavilions for LVMH and L'Oréal Paris. Exhibitors will include marketing and customer experience specialists such as Samplicity, Sora and PretaPorterCosmetics, as well as AI-based recommendation players like HautAI, Ganceable, and Meta Intelligence. Also announced are visual and video generation specialists such as FancyTech, Moodyfy, and Aive, which has just raised 12 million euros, as well as virtual or connected fitting offerings from Perfect Corp, ARx AI, and Lyncee, and personalization players including ScenTronic, and Bing. 3D printing will not be forgotten, with Aectual and Humanitec, nor will textile printing with The Paac. No fewer than 146 specialists in mobility and innovative logistics have been announced. There will also be 90 players in the consumer goods, retail, and e-commerce sectors. Shein 's Executive Director, Donald Tang, will be speaking at the show on Friday, June 13 at 5 p.m. The announcement of Shein's presence at the show was particularly unwelcome in the French apparel industry. On Shein's side, this presence is part of a vast communication strategy deployed over the last few months. On June 11 at 2 p.m., apparel and design professionals will also be able to attend a talk by Giovanna Graziosi Casimiro, professor and researcher at the Institut Français de la Mode (IFM), who will discuss the place of know-how in an age of automation accelerated by AI. This edition, which is expected to attract 165,000 visitors, will also feature a number of top executives, including Bernard Arnault (LVMH), Guive Balooch (L'Oréal), Joe Tsai (Alibaba), Rohit Prasad (Amazon), Yann Le Cun (Meta), Jensen Huang (Nvidia), and Dowson Tong (Tencent, WeChat). Elon Musk (Tesla) will once again engage with the show via a videoconference.
