#Fashion

Is Shein lining up Sajid Javid for key role after London listing?


Not long after The Very Group named ex-government minister Nadhim Zahawi as its Chairman, now it seems that Shein might be talking to another former minister about a role as it prepares for a blockbuster London IPO.

Shein

Sky News reported that Sajid Javid, who once held the second-most-important role in the government as Chancellor of the Exchequer, has been approached by the firm.

He’s said to be “among a number of senior City figures who have held talks with Donald Tang, Shein’s Executive Chairman, in recent weeks”.

Sky cited City sources saying if an agreement was reached, he could “either join Shein’s board or become an adviser to the Chinese-founded company”.

But he’s not the only candidate with former BBC Trust chair Baroness Fairhead also on the list.

A person close to the company told the news organisation that the inclusion of such heavyweights on its wishlist “reflected both the seriousness with which Shein was taking the issue of corporate governance and the extent of its focus on a London listing”.

Javid hasn’t commented on the story but it’s clear that he’s focusing on a post-politics career after saying he wouldn’t stand for re-election when the general election is eventually announced.

Not that a London listing is yet confirmed for Shein, and Paris has also reportedly been considered by the firm. The company had originally targeted a New York IPO but is reported to have changed its plans given a tricky environment there for companies with Chinese links. A London float is seen as almost definite, but until it’s actually announced, we can’t make any assumptions.

However, news of talks with prominent figures in the UK does make it seem more likely that an IPO valuing Shein at a figure of at least ÂŁ50 billion will happen in Britain.

The government seems determined to lure the firm to London following tough times post-Brexit for the London Stock Exchange and current Chancellor of the Exchequer Jeremy Hunt having held talks with Shein’s Donald Tang underlined that. The recent improved performance of London’s elite FTSE 100 index could also help.

Copyright © 2024 FashionNetwork.com All rights reserved.



Source link

Leave a comment

Your email address will not be published. Required fields are marked *