• Sunday, June 23, 2024

Business

Shein approaches Sajid Javid ahead of London listing: Report

Sajid Javid

By: Shajil Kumar

AS online fashion giant Shein finalises its plans for an initial public offering at London Stock Exchange (LSE), it has approached former chancellor of the exchequer Sajid Javid to take up a role in the company, Sky News reports.

Apart from Javid, some other senior city figures have also held talks with Donald Tang, Shein’s executive chairman, in recent weeks.

Since leaving the government, Javid has taken a role with Centricus, an investment firm that tried unsuccessfully to bid for Chelsea Football Club in 2022.

Javid’s spokesman refused to comment on the issue. Quoting sources, Sky News said if Javid is appointed, he will either join the board or be an adviser.

The Chinese-founded company was taking the issue of corporate governance seriously and is keen on London listing, following difficulties it faced while securing approval from US regulators.

An initial public offering is likely to value Shein at around £50 billion or more.

Earlier this year, chancellor Jeremy Hunt held talks with Tang to persuade the company to commit to what would be one of London’s biggest-ever corporate flotations.

The meeting underlined the importance that British officials are attaching to the idea of trumping the US. The company is also considering Paris as a possible listing venue.

If Shein opts for London, it could become the LSE’s second-largest IPO in history, behind the 2011 stock market debut of Glencore International.

LSE is keen on this listing because it had recently missed out on UK-based chip designer ARM Holdings, which chose to list in New York.

Based out of Singapore, Shein has become one of the world’s largest online fashion retailers and operates in more than 150 countries.

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