Business
World: the listing of SHEIN on the London Stock Exchange would create a worrying precedent in terms of human rights
Reacting to the prospect of ultra-fast fashion clothing company SHEIN listing on the London Stock Exchange, Dominique Muller, a researcher at Amnesty International specializing in the clothing industry, said:
It is deeply disturbing that a company with questionable labor and human rights standards and an unsustainable fast fashion business model could be set to reap hundreds of millions of pounds through a share sale and a listing on the London Stock Exchange.
Where SHEIN goes, others will try to follow. The UK authorities and the London Stock Exchange should not facilitate the listing of SHEIN until transparent and binding guarantees of internationally accepted human rights standards covering its entire supply chain are in place. been agreed and applied and that not all identified abuses have been fully corrected.
Rewarding SHEIN's current methods with an IPO would be a disgrace to the London Stock Exchange
Dominique Muller, researcher at Amnesty International
Rewarding SHEIN's current methods with an IPO would be a disgrace to the London Stock Exchange, to the bankers helping to bring it to market, and to any investors willing to profit from it. This would be a terrible example of a process that benefits the rich while stifling the poor. This confirms the idea that it is acceptable to view workers and their rights, corporate products and the environment as replaceable goods, which devalues us all.
It is vital that the new UK government does not allow a race to the bottom in terms of business and human rights standards. This should require companies to prevent serious environmental damage and human rights violations throughout their operations and supply chains. It should allow workers whose rights are violated by the company's activities anywhere in the world to seek justice in the British courts.
SHEIN’s model involves outsourcing garment manufacturing to a chain of small producers in China, with little transparency or accountability for workers’ wages or conditions, and no legal right to assemble or unionize. Too often, the people who make clothes for fast-fashion companies are treated as a cost to be minimized so that the clothes they produce can be sold at rock-bottom prices.
SHEIN says it uses independent auditors to assess the wages and working conditions of its subcontractors, but it does not publish details about its suppliers and cannot explain how it addresses abuses suffered by workers when they appear to have taken place. There is a lack of public disclosure and transparency regarding the sourcing and traceability of raw materials used by subcontractors in SHEIN's supply chain.
Many SHEIN clothing items are made from synthetic fibers derived from fossil fuels, which is harmful to the environment and unsustainable. Much of this fast fashion quickly ends up thrown into landfills, often polluting communities in the Global South.
Background
SHEIN, founded in China but now headquartered in Singapore, has reportedly filed documents with the London Stock Exchange as a prelude to selling shares to public investors. SHEIN faced accusations that workers in its supply chain received less 4 US cents per garment producedas well as the use of cotton harvested by forced labor. SHEIN executives recently met with representatives from Amnesty International and subsequently responded in writing to a series of human rights-related questions, including providing details about its supplier auditing and clothing recycling programs, as well as on its supplier community empowerment program.
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Sources 2/ https://www.amnesty.org/en/latest/news/2024/06/global-sheins-flotation-on-the-london-stock-exchange-would-set-a-worrying-human-rights-precedent/ The mention sources can contact us to remove/changing this article |
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