RE: Shein demise will benefits Boo16 Jun 2024 17:58
Bloomin hell they're really going after shein, he's basically saying to the uk "list this company at your own peril, we're going ot hit the business hard and if listed in the uk your investors will lose a fortune"
Just imagine they list shein on the lse and then the scandals come out followed by proof that Jeremy hunt was warned!
"A final concern is SHEIN’s circumvention of customs enforcement and tax, a tactic
central to its business model. In the United States, SHEIN exploits “de minimis” entry to ship its
products directly from the PRC to consumers without customs inspections or duties. Bipartisan
coalitions in Congress are working to close this trade loophole through bills like my Import
Security and Fairness Act. If we succeed, SHEIN’s business model will be upended, to the
detriment of investors. SHEIN uses the same tactic in the United Kingdom to undercut
competitors and evade taxation, and similar cries have been raised for reform.
8 The United States
and United Kingdom have many honest businesses that employ workers, import clothing from
reputable manufacturers, and pay taxes accordingly. SHEIN’s dishonest business threatens
honest businesses everywhere.
Slave labor, sweat shops, and trade tricks are the dirty secrets behind SHEIN’s success.
The United Kingdom has a storied tradition of abolitionism, from Wilberforce and Cowper to the
Modern Slavery Act in our day. I trust you will treat these allegations against SHEIN with the
utmost seriousness, investigate them fully, and take appropriate action to protect investors."