Fashion giant Shein’s approval for London listing on a knife-edge due to Trump’s tariffs on China
FAST fashion giant Shein has approval from UK regulators for its long-awaited London listing — but it’s on a knife-edge due to Trump.
The firm was in a regulatory quagmire for months over concerns about forced labour use in its Chinese supply chain.
The cheap online retailer, promoted by models such as Arabella Chi, has now received approval from the Financial Conduct Authority for its listing.
But it may be meaningless as its bigger hurdle is the escalating trade war between China and the US.
America, Shein’s biggest market, has imposed 145 per cent tariffs on China, where the firm has 5,000 factories producing the bulk of its clothes.
China has hit back at US President Donald Trump’s trade levies with 125 per cent tariffs and also has to approve Shein’s London listing.
The trade war has made markets so volatile that other companies have paused their stock market listings.
One source said: “Shein has become the trade war poster child. It would be mad to attempt to list if you don’t have to.
“How can Shein even tell investors what profits in the US will be, if tariffs change on a daily basis?”
Shein filed FCA paperwork last June.
Campaign group Stop Uyghur Genocide challenged it amid claims China uses forced labour.
Shein has insisted it has a “zero-tolerance policy” to the practice.
TOYS ARE HIT
A BRITISH toy chain behind Doctor Who and Teenage Mutant Ninja Turtle figurines has pulled its financial guidance because of the upheaval of Donald Trump’s tariffs.
Character Group blamed the move on volatility created by “escalating retaliatory measures” between the US and China.
Its shares fell by as much as 6 per cent.
LOSS AT BANKS
THE City watchdog has instructed banks and building societies to improve how they treat customers affected by bereavement.
Following a review which found call-handlers had a “general lack of empathy” with upset customers and failed to offer support, the Financial Conduct Authority has published good practice guidelines.