A woman with a Shein bag after entering its first physical store in Madrid, June 2, 2022.
Europa Press News / Contributor
Fast-fashion juggernaut Shein is facing more scrutiny from elected officials in the U.S. who want the company to prove it doesn’t use forced labor before it files for a widely rumored initial public offering.
Attorneys general from 16 states sent U.S. Securities and Exchange Commission Chair Gary Gensler a letter last week asking the agency to ensure Shein and other foreign companies are following U.S. law before they’re permitted to trade on American exchanges.
“It is apparent that SHEIN is attempting to launch an IPO before the end of this calendar year. An IPO of this magnitude—involving a foreign-owned company that is facing credible concerns about its core business practices—cannot move forward on self-certification alone,” the missive, written by Montana’s Attorney General Austin Knudsen and signed by 15 other Republican attorney generals, stated.
“We…
2023-08-30 14:22:42
Original from www.cnbc.com