Reform UK leader Nigel Farage has voiced strong opposition to efforts by ministers, including Jeremy Hunt, to encourage fast-fashion giant Shein to list on the London stock market. Farage has expressed concerns that Shein’s rumored £50bn IPO would not contribute positively to rejuvenating the city’s flagging market. The retailer has faced allegations of forced labor in its supply chain, which it denies.
In contrast, the company’s profits continue to soar, with its last year’s earnings surpassing major players in the fashion industry. As the Chinese-founded firm continues to gain popularity globally, its influence is evident in the purchasing habits of consumers like 17-year-old Michaela, who is drawn to Shein by both the affordability of its products and promotional incentives from influencers. Despite the ethical concerns surrounding Shein, the brand’s success suggests that the fashion industry may need to reckon with the impact of fast-fashion retailers as they continue to shape consumer preferences.
