Top cash managers are cautious of Shein float
- London is currently vying with New York for the blockbuster £53bn float
Some of Britain’s largest fund managers have spoken out against plans for fast fashion giant Shein to float in London.
London is currently vying with New York for the blockbuster £53billion float, which would see Shein slip straight into the blue-chip FTSE 100.
But UK money managers, including Aviva Investors, Schroders and M&G, may turn their backs on the listing over concerns about workers’ rights at the Chinese fashion giant.
Speaking out: Some of Britain’s largest fund managers have spoken out against plans for Shein to float in London
The UK Sustainable Investment and Finance Association, said it does not want London to ‘become a listing place of last resort for companies with poor human rights records’.
A Channel 4 investigation in 2022 revealed some Chinese workers were paid as little as 3p per garment while working 18-hour days. Shein’s profits hit £1.6billion last year.
