Ken Pucker’s Post

U.K. Govt slowly disconnecting itself from sustainable commitment or do they really not see the bigger picture here. Fast fashion exacerbates an already major problem for waste and promotes this to the younger demographic. Concerning #sustainability #sustainablefashion

Give us your thoughts on Jeremy Hunt and Shein ‼ The UK’s Chancellor is welcoming the possibility for a UK listing stating these very words: "A listing of Shein's stature could not only spotlight London as an attractive market for international companies but also provide investors with a lucrative opportunity to engage with the fast-growing fast-fashion sector, which continues to gain traction among consumers globally, particularly among Gen-Z audiences," These words come from a Government that cast more shadow on sustainable practices as we see them now, and no doubt the final nail in the coffin will come tomorrow on Budget Day. How should we approach sustainability when in survival mode? Quote Source: https://lnkd.in/dqN-geWv

How should we approach sustainability when in survival mode?

SHEIN has filed confidentially to go public in the US, according to a report from The Wall Street Journal. The Chinese fast fashion company is working with Goldman Sachs (NYSE:GS), JPMorgan Chase & Co. and Morgan Stanley (NYSE:MS) as underwriters on the offering, which could happen next year, per the report. In May, #Shein was valued at more than $60 billion, and an IPO would likely make it the most valuable China-based company to go public in the us since ride-hailing firm #DidiGlobal listed with a $68 billion valuation in 2021.  The company has also faced controversy. Earlier this year, a bipartisan group pressured the SEC to investigate Shein’s treatment of the Uyghur Muslim minority in China’s Xinjiang region. The group has also lobbied to throw out any potential #IPO filing from Shein. More at #Proactive #ProactiveInvestors #NYSE #GS #GoldmanSachs #JPMorganChase #MorganStanley http://ow.ly/8SJn1053UUj

SHEIN FILES FOR LISTING ON LONDON STOCK EXCHANGE: Chinese fast fashion brand SHEIN has filed papers for an IPO on the London Stock Exchange, according to reports from CNBC, Reuters, and Bloomberg. Originally planning to list in New York, Shein faced hostility from US lawmakers and regulators, prompting the shift to London. The company was valued at US$66bn (£52bn) at a fundraising round last year. Shein has notified China's securities regulator of the change. The company now awaits approval from the China Securities Regulatory Commission and UK's Financial Conduct Authority, which takes around two months. Shein has faced criticism over alleged poor working conditions and other business practices, raising concerns among institutional investors and politicians. To this end, a successful listing would raise questions about the investment community's commitment to #ESG issues. It would also open up Shein to greater scrutiny given the onerous financial disclosure and other requirements faced by publicly listed companies. Our story: https://lnkd.in/e5RyKWjh

SHEIN will be listing on the London Stock Exchange and activists have asked the financial regulator to stop it. But here’s the thing; they aren’t going to! And they aren’t going to because the LSE needs Shein more than Shein needs the LSE. Ever since our premier, the one that didn’t outlast an iceberg lettuce, sent us into a mini crash businesses have been shunning the LSE. Last year they lost some of the biggest companies across tech and electronics to the Nasdaq because there are better opportunities for investment. And then there is the small problem of many U.K. pension funds needing to claw back money they lost in that disastrous week in 2022. Shein could bring them a little respite. But all this ultimately pales in comparison to bp rolling back on its Net Zero commitments again. So not only are they not rolling out renewable energy at the rate they planned, they’re also going to be moving people from that dept to other roles. All in the name of keeping shareholders happy. (The five largest shareholders are 3 US investment firms, 1 U.K. investment firm and Morgan Stanley. You know, the people really committed to earning money for people who actually get the chance to die of old age.) *Tbf Liz Truss would probably have outlasted the lettuce if it had been washed. #sustainablefashion #esginvestment #shein

Thanks Kate A Larsen for bringing us into this conversation - HRDD is an important framework to discuss any fashion brand’s ESG credentials - companies must actively take responsibility and remedy human rights harms in their supply chains. ⚖️ HRDD has the potential to redress the industry’s power imbalances by helping to bring about more equitable sourcing dialogue between brands and their suppliers, which in turn provides new opportunities to strengthen the position of workers. ⛓️ This is why at Fair Wear we build networks across the value chain to demonstrate how impactful HRDD implementation can positively change the lives of the people who make our clothes.  We want to turn current HRDD momentum into a real opportunity for industry-wide, systemic change where workers see their human rights realised. We want brands to take responsibility for their actions within the supply chain - and stakeholders to hold them to account.

It's not often I have the chance to post about important stories but I feel this is interesting regarding my recent repost about #SHEIN. ❔ 𝗪𝗵𝗼 𝗮𝗿𝗲 𝘁𝗵𝗲𝘆 & 𝘄𝗵𝘆 𝘁𝗵𝗲𝘆 𝗮𝗿𝗲 𝘀𝗼 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 For those of you not aware, Shein is an online fashion retailor hailing from #China that has now grown to be one of the most influential fashion sites in the world because of low prices of their clothes & the variety they have on offer for men, women, children and much more. As aforementioned, Shein is known for its affordably priced clothing and have mastered the art of direct shipping from China. By sending products individually by air, the company avoids inventory pile-up and leverages U.S. import tax exemptions on low-cost items. This strategy has not only streamlined operations but also solidified Shein's foothold in one of its biggest markets: the United States. 💴 𝗧𝗵𝗲 𝗠𝗼𝘃𝗲 The Chinese fashion powerhouse has made a strategic move by confidentially filing to go public in the United States. With a potential IPO in 2024, managed by financial heavyweights like #GoldmanSachs, #JPMorganChase, and #MorganStanley, Shein is targeting a staggering valuation of up to $90 billion. This ambition follows its recent valuation of over $60 billion in May, indicating a significant market presence despite a reduction from its previous funding round. This will be a real test the US market considering some recent disappointing debuts (#Birkenstock, #Arm and #Instacart to name a few). It's also a test of investor confidence in Chinese companies considering heavy US scrutiny in previous years, with the likes of companies such as #huawei and #zte receiving sanctions in the past. 📜 𝗧𝗵𝗲 𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝘀 Shein faces scrutiny over its supply chain, with allegations of forced labour sparking calls for an audit by the US #SEC. Despite Shein's denial of such practices, stating a “zero tolerance for forced labour,” these concerns remain a significant hurdle in the company's path to public listing. Whilst the SEC can't legally block their IPO, they could impose stringent disclosure requirements, making it difficult for Shein to satisfy regulatory demands in regards to forced labour allegations and #IP issues. There's also the question of why private equity companies are willing to work with companies with such allegations. Shein also has a significant environmental impact, facing significant criticism for its unsustainable fast fashion model, relying on harmful #chemicals, #microplastics, and non-biodegradable materials like virgin synthetics. Very interested to hear what people think about this move.

PSSI’s newest Perspective takes on the proposed IPO of SHEIN, the fast-fashion giant faced with a litany of allegations including using slave labor, widespread environmental damage, skirting legislation, and misleading consumers and lawmakers alike. Despite this, SHEIN is seeking a record-breaking $90 billion valuation, underwritten by major investment banks including JPMorgan Chase & Co. and Goldman Sachs. Not only would permitting SHEIN to be publicly traded serve as a stamp of official approval for its unethical and illegal practices, but the subsequent Western investment would also directly fund and encourage the continuation of SHEIN’s egregious corporate behavior. Read the full report here: https://lnkd.in/eeJ5BWwu #PSSI #SHEIN #fastfashion #finance