Shein's London IPO Could Trigger Tax Talks, Reynolds Suggests

Fast fashion retailer Shein should be required to uphold ethical and moral targets in all aspects of its business if it is listed on the London Stock Exchange, the Trade Secretary has said.

Jonathan Reynolds said he was concerned about a flaw which allows businesses to avoid import duties by shipping small packages directly to customers.

He added that he would be willing to discuss the matter with Shein if the company wanted to pursue further business activities in the UK.

Before the elections, The Financial Times reported The Labour leadership has resisted calls to close the tax loophole.

Last year, US lawmakers also called for an investigation into Shein following allegations that forced Uighur labour was used in the production of some of its clothing.

Reynolds, asked whether he would welcome Shein's UK listing, told Times Radio: “I would, because when a company is operating in the UK, our aspiration should be to regulate that company from the UK.”

This is how we ensure that nothing happens in terms of labour practices, tax practices or environmental issues that we are not happy with.

To be absolutely clear, if a company was using forced labour in its supply chain, it should not be doing business in the UK at all, it should not be a matter of where it is listed.

But when companies are operating in the UK, the best way to ensure that they meet the standards that we want to see is for them to be regulated from the UK and so if a listing were to be done, I would want that listing to be here in the UK.

He added: “Any company listed on the stock exchange in this country has to meet very high standards in terms of disclosing its labour practices.”

I would absolutely say that no UK listed company should have any form of forced labour in its supply chain and should adhere exactly to ethical and moral objectives in tax and all aspects of business.

Asked about the prospect of closing the tax loophole, Reyolds said: “I expect every business in the UK to pay its fair share of tax.”

The story continues

Pressed for questions, Reynolds said: “I am concerned about that particular gap and it is certainly something I would want to speak to them about if they were considering continuing to do business in the UK.”

In May, Shein announced it was investing tens of millions of dollars to strengthen governance and compliance across its supply chain, as well as empower its suppliers to build more successful and responsible businesses.

Shein has been contacted for comment.

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