Fashion giant Shein could spark a revival in the City with London's biggest listing

FAST fashion giant Shein could spark a revival in the City with its biggest listing in London after clashing with regulators in New York.

Executives at the Chinese firm, which is estimated to be worth 32 billion pounds ($50 billion), are reportedly considering the Square Mile after scrutiny from U.S. regulators.

Such a move would surpass London's record £10bn Russian oil company Rosneft. in 2005.

It would mark a major reversal in a worrying trend of companies shunning the city in favor of New York larger estimates.

Chancellor Jeremy Hunt held talks with Shein chairman Donald Tang about coming to Londonwhich raised less than £1bn in listings last year.

Shein makes its cheap clothes in about 6,000 factories and has been dubbed “Asos or Boohoo on steroids” because it churns out more dirt at a lower price.

UK sales were estimated at £1 billion in two years from £2 T-shirts and £4 dresses.

Business uses AI to comb social networks for fashion trends before releasing small batches, adding up to an astonishing 10,000 new styles per day to their app.

Buyers need more time to get goods from its factories in China but younger shoppers often place large orders known on social media as “Shane hauls.”

Singapore-headquartered Shein is ramping up its UK presence after acquiring fast fashion store Missguided, sacking senior staff at Boohoo and opening an office for British staff.

Meanwhile, the US is demanding more transparency about its ownership and funding structure.

There are also allegations that it sources cotton from forced labor camps.

Shein insists that's not the case.

Dani Hewson, an analyst at AJ Bell, said: “A public listing will bring attention to the supply chain and the ethical and environmental issues surrounding fast fashion.

“It won't matter to all investors.

“Some will simply see Shein as another opportunity to buy into a fast-growing name that is taking market share away from competitors left, right and center.”

BANKERS are salivating over Shane's London listing, but if US regulators have concerns, shouldn't UK investors be worried too?

Yes, the gear is fast-paced and tech-oriented—qualities that make the heart beat—but the city's reputation rests on its high standards.

Recent big bets on foolish firms show that the funds were driven by fear of loss rather than best practice.

Investors should also apply a healthy dose of British cynicism to Shein and its track record of poor transparency.

M&S pay rise for workers

MARKIES AND SPENCER is spending £89m on pay rises for its workers as retailers struggle to recruit and retain staff.

The minimum wage outside London will rise to £12 an hour, while workers in the capital will earn £13.15.

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This takes M&S in line with real living wage.

This means around 40,000 staff will get a pay rise, with full-time workers earning £180 more a month.

Parental leave will increase to six weeks, and maternity and adoption leave will double to six months.

Boss Stuart Machin said: “Our vision is to be the most trusted retailer – and that starts with being the most trusted employer.”

Aldi and Sainsbury's have already raised salaries.

The Bank of England cautioned against inflating the “wage spiral.” inflation.

However, the companies say they care about their employees who have been hit with steep bills cost of living crisis.

Women on board

WOMEN now hold more than two out of five board seats at Britain's biggest listed companies, reaching 40 per cent three years ahead of the target.

Government The FTSE Women Leaders survey shows that the number of women on FTSE 350 boards reached a record 42 per cent in January.

But the FTSE 100 still has just ten female chief executives, while nine FTSE 350 firms have all-male boards.

“No partition Abrdn”

The boss of British fund manager Abrdn ruled out a break-up of the business yesterday, despite falling profits and an outflow of clients.

Customers reportedly withdrew £13.9bn last year.

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As a result, profits fell 5 per cent to £249m.

The business is cutting 500 jobs but boss Stephen Bird has pocketed a bonus, taking his total pay to £1.1m despite the poor performance.

“Cancelled Budgets”

The chancellor has to break everything Budget reports and give firms more confidence, the boss of Britain's manufacturing trade body said.

Stephen Phipson of Make UK called for a tax-and-spend policy for the whole of parliament.

Two-thirds of the organization's members reported that frequent policy changes made business plans more difficult.

Getting sick from drinking

THE DRINKERS got back into drinking this month after abstinence during Dry Januarydata from supermarkets show.

Alcohol sales jumped 18 percent in February, with shoppers buying 28 percent more wine and 16 percent more beer, according to Kantar data.

The market research group confirmed that store price growth fell to 5.3 percent, the lowest level since March 2022.

This is evidenced by the numbers Lidl remains the fastest growing supermarket as more shoppers switch to discount retailers.

MORE than 140,000 small businesses lost their bank accounts last year.

A special committee of the Ministry of Finance learned that 2.7 percent of small businesses were deprived of banks.

According to Chairwoman Harriet Baldwin, many were given little or no notice.

Curry is not hot

CURRY rejected Elliott Investors' spicy £742m takeover approach.

The US firm that owns Waterstones has returned with an offer of 67p per share, the electrical retailer revealed.

His original approach of 62p was rejected, with analysts agreeing it was too cheap for a firm with sales of £9.5bn.

Karis dismissed the new offer as a “significantly undervalued” campaign.

Its shares were trading at 68p after the leak of the higher offer, before falling to 66.50p.