Europe Is Stepping Up to Be the World's Climate Sheriff
In June 2024, the fashion company Shein Group Ltd. began its second attempt to go public. An earlier effort to float on the New York Stock Exchange had failed after US politicians scrutinized the company's links to China. Now Shein was looking for a £50 billion ($67.4 billion) valuation on the UK stock exchange, but there, too, it faced obstacles. Investors, lawmakers and nongovernmental organizations argued that the company had violated financial disclosure rules and greenwashing provisions through its alleged use of forced labor and its high-emissions fast-fashion model.
In response to the critique, Shein implemented a charm offensive by taking a cue from European climate regulations. For years, officials in both the UK and the European Union had been working on rules requiring companies to fund the disposal of clothing waste and disclose environmental and human rights risks in their supply chains. As Shein fought for its initial public offering, the company said it would invest in technologies to make fabrics more recyclable and would use more recycled polyester in its clothes. Polishing up its green credentials may have helped: UK regulators finally approved the listing earlier this year (though the company now appears to be reconsidering its plan partly because of the effects of President Donald Trump's trade war).
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Bloomberg
24 minutes ago
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