Prime Minister Jeremy Hunt met with Shein chairman Donald Tan in a bid to persuade the online fast fashion giant to move to London rather than New York, Sky News reported.
Jeremy Hunt met with the boss of Chinese-founded fast fashion giant Shayne in an attempt to persuade the company to undertake the biggest corporate flotation project in London’s history.
Sky News can exclusively reveal that the Prime Minister met with Shayne’s executive chairman Donald Tan this month as part of efforts by UK regulators and government officials to persuade Shayne to list in the UK. I made it.
Insiders confirmed the two had had “productive” discussions about a London initial public offering, even as the original target for the New York flotation showed signs of stalling.
sky news revealed Mr. Shane’s considerations regarding London listing Bloomberg News reiterated in a report on Tuesday that such a review is underway.
Latest money:
Ryanair signs to take action against websites called ‘pirate’
The meeting between Mr. Hunt and Mr. Tan underscored the importance British authorities place on the idea of beating the U.S. to a Shane IPO.
If it goes ahead, one capital markets banker said, Shane could become the second-biggest IPO in London Stock Exchange history, behind the 2011 stock market debut of commodity trading and mining group Glencore International. He said there is.
Mr Tan has already met with LSE executives and more ministers as part of preparations for the IPO.
Shein filed paperwork last year to list in New York, but is reportedly growing concerned that the application will be rejected by the U.S. Securities and Exchange Commission.
Goldman Sachs, JPMorgan and Morgan Stanley were appointed to work on the deal.
Singapore-based Shein has become one of the world’s largest online fashion retailers, but its growth has not been without its hiccups amid growing concerns over labor standards.
Last year, Sky News revealed that Shane was in talks to buy British fashion brand Missguided from Mike Ashley’s Frasers Group.
While the deal itself was only worth a small fortune, retail analysts said it could pave the way for Shane to build a more meaningful profile in the UK, potentially through broader collaboration with Frasers. Stated.
Founded in China in 2012, Shein was valued at more than $100 billion last year, at which point it was worth more than H&M and Zara’s parent company Inditex combined.
The company’s valuation was lowered to $66 billion as part of a stock sale last year.
Shein currently operates in more than 150 countries.
It also signed an agreement with SPARC Group, a joint venture between Ted Baker owner ABG and U.S. shopping mall operator Simon Property Group.
Under the agreement, SPARC fashion brand Forever 21 gains sales on the Shein platform, which boasts 150 million users worldwide.
Shein acquired one-third of SPARC Group’s stock, and SPARC Group also acquired an undisclosed minority interest in Shein.
LSE’s efforts to court Mr Schein come at a critical time for the City as a listing venue for large multinational companies, with UK-based chip design firm ARM Holdings choosing New York over London. .
Other companies, including gambling operator Flutter Entertainment and pharmaceutical company Indivior, are also planning to move their primary listings to the United States, citing higher valuations and a more liquid market.
Mr. Shein declined to comment, and the Treasury Department could not immediately be reached for comment.