Over the weekend, significant updates emerged concerning Shein, Marks & Spencer, and LVMH, affecting their business landscapes.
- Shein is likely to miss out on UK’s FTSE 100 index inclusion due to insufficient share sales, raising concerns among investors.
- Marks & Spencer faces delays in its flagship London store plans amidst political uncertainties and funding disputes.
- Cécile Cabanis joins LVMH as deputy finance director, marking a strategic internal shift in the luxury group.
- Campaigners urge the UK government to address Shein’s controversial labour practices amid its planned IPO.
Shein, the Singapore-based fast-fashion giant, is on the brink of missing a coveted spot on the UK’s FTSE 100 index. According to The Times, the insufficient number of shares being sold might disqualify it from inclusion. With city sources citing the requirement of a minimum 25% free float for companies outside the UK, Shein’s current offerings might not meet this threshold.
Meanwhile, Shein’s business model is under scrutiny from both investors and workers’ rights groups. Reports from The Guardian highlight calls from campaigners for the UK government to oppose Shein’s inclusion in the FTSE due to ethical concerns. Organisations like Labour Behind The Label have raised alarms over findings by Public Eye, which uncovered excessive working hours in Shein’s supply chain.
A spokesperson from Shein stated, “Shein has a zero-tolerance policy for forced labour and we are committed to respecting human rights.” Despite these assurances, challenges persist regarding their IPO, with reports suggesting its postponement until after the summer.
Marks & Spencer finds itself in a waiting game over its London flagship store redevelopment plans. As political landscapes shift with an upcoming general election, This is Money reports delays in decisions related to the demolition and reconstruction of their historic Marble Arch building. Taxpayers’ money to the tune of £141,000 has already been spent on the planning dispute under Michael Gove’s department.
In the world of luxury fashion, LVMH has made a strategic recruitment. As reported by WWD, Cécile Cabanis steps in as deputy finance director and is set to eventually succeed Jean-Jacques Guiony, the group’s longstanding CFO. Cabanis brings her expertise from her previous role at Tikehau Capital, indicating a robust internal directive for LVMH.
The unfolding of these stories reflects intricate matters within the fashion industry, from ethical business practices to strategic corporate moves.
As these events unfold, industry players must navigate complex challenges affecting their operations and reputations.
