Hunt urges Shein to swap New York for City

JEREMY HUNT has met with Shein in an effort to convince the Chinese fast fashion retailer to choose London over New York for its $90bn (£71bn) float.

In what would be a much-needed boost for the City, the Chancellor urged Donald Tang, the executive chairman of Shein, to make the switch during talks last month. The discussions covered a range of topics, including the potential for Shein to ditch its planned US float and instead switch to the Square Mile, as first reported by Sky News.

The company, which has become hugely popular with Gen Z shoppers, is reportedly concerned that the US Securities and Exchange Commission will block its planned US listing because of ties to China.

This has prompted the online retailer to explore alternative markets abroad.

The e-commerce business, which has grown to become the world’s biggest fashion retailer, would have to secure fresh approval from Chinese regulators if it decided to snub the US. Despite exploring back-up options, Shein bosses are yet to rule out a listing in New York. Other possible destinations include Hong Kong and Singapore. The company declined to comment. Founded in China 16 years ago, Shein has housed its supply chain in the country but has since moved its headquarters to Singapore for regulatory reasons.

The Square Mile has experienced a flurry of company exits in recent years.

In January, Paddy Power owner Flutter announced plans to quit the FTSE 100 and shift its main listing to New York, while Tui shareholders voted earlier this month to exit London’s stock market and move to Frankfurt.