The Telegraph revealed this week that Shein is in the early stages of examining a possible sale to retail investors alongside City institutions, in what would be an unusual move that could allow it to tap into its popularity among Gen Z shoppers.
However, it has yet to make a final decision on where it will list. It previously had been looking at New York for the flotation. Shein is thought to have cooled on those plans after facing fierce opposition from US politicians.
Marco Rubio, the Republican US senator, has been leading criticism of the company. Earlier this year, he wrote to Jeremy Hunt, the then-chancellor, to urge him to scrutinise the company’s listing plans.
He claimed: “Slave labour, sweatshops and trade tricks are the dirty secrets behind Shein’s success.”
Mr Rubio said he felt a “duty of friendship” to warn Britain over the risks associated with allowing Shein to join the London Stock Exchange. Bosses from Shein met with the Labour party earlier this year, with a spokesman for the party saying at the time that: “Raising investment, productivity and growth is one of Labour’s missions for government.”