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Shein offers job to former chancellor Sajid Javid ahead of IPO

Chloe Burney
21 May 2024

As Shein prepares for a blockbuster IPO here in London, reports have surfaced that the retail giant has offered the former chancellor, Sajid Javid, a job role.

Shein is currently progressing plans for a £71 million listing, which will be London's biggest stock market float for years.

Javid is among several senior City figures who have held talks with Donald Tang, Shein's Executive Chairman, in recent weeks, according to Sky News.

City sources said that if the appointment goes ahead, Javid could join Shein's board or become an adviser to the Chinese-founded company.

Sajid Javid

Since leaving his government role, Javid has worked at Centricus, an investment firm which made an unsuccessful offer for Chelsea Football Club back in 2022.

The former BBC Trust Chair, Baroness Fairhead, was also on a list of candidates drawn up by headhunters advising Shein.

The candidates being approached reflect Shein's dedication to setting up corporate governance in the UK. Shein has already made meaningful ties to the UK with plans to open a hub in Manchester, which already houses HQs for the likes of Boohoo and In The Style. It also acquired Manchester-based fast fashion brand Missguided from Frasers Group in October last year, marking its first UK acquisition.

It was initially reported that Shein was in talks with London Stock Exchange bosses at the end of last year and reports suggest its £71 million listing is imminent, though there has been no confirmation by the company.

The China-founded company originally indicated a preference for an initial public offering in New York, where stock market valuations for online firms tend to be much higher. It filed documents for the US listing back in November. However, the latest threat by the US Congress to ban Chinese social media site TikTok was thought to have been the final kicker in moving away from a New York listing, leaving less risk in the UK.

Shein declined to comment.

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