UK MPs Press LSE On Shein Amid Supply Chain Concerns

The London Stock Exchange (LSE) has been urged to clarify its vetting processes after fast-fashion giant Shein declined to answer "basic questions" about its supply chain, BBC News reported.

The inquiry follows a contentious parliamentary hearing where a Shein lawyer refused to confirm whether the retailer sold products containing cotton from China.

Liam Byrne, chairman of the Business and Trade Committee, wrote to LSE CEO Dame Julia Hoggett, inquiring whether the exchange verifies statements from companies seeking to list, especially regarding safeguards against forced labor.

The inquiry follows a contentious parliamentary hearing where a Shein lawyer refused to confirm whether the retailer sold products containing cotton from China.

MPs called the lawyer's responses "ridiculous" and expressed "profound concerns" about the firm's transparency. Shein, initially founded in China but now headquartered in Singapore, has submitted paperwork to list in the UK, with a potential valuation of £50 billion.

While Shein has grown into one of the world's largest fast-fashion retailers, shipping to 150 countries, it faces ongoing allegations of forced labor and human rights violations within its supply chain.