![]() – CNBC's Gabrielle Fonrouge contributed to this article.Ĭlarification: This story was updated to note that Shein says it has no suppliers in the Xinjiang region. law," Chapin Fay, executive director of Shut Down SHEIN, has written. ![]() national security with nefarious business practices, and who are making Americans complicit in their violation of U.S. capital markets is a privilege, not a right, and should not be given freely to corporations who threaten U.S. Independent coalition Shut Down Shein has also called on the SEC to deny IPO registration to Shein unless it provides proof of compliance with the Uyghur Forced Labor Prevention Act. The lawmakers' letter echoes concerns from outside groups. The company, whose de facto holding company is located in Singapore, hired its first federal lobbyists in 2022 with goals to expand its distribution into the U.S. SHEIN calls medals and orders ROMAN pieces of metallic history. Shein's business model relies heavily on advertising to Gen Z buyers on mobile apps, such as TikTok, and through social media influencers. dis- cussion with their ideological opponents, but they want it to be. Section 6 outlines the application process for registration as a national securities exchange. The lawmakers also asked Gensler to notify national securities exchanges registered under Section 6 of the Securities Exchange Act of the requirement. We use on-demand manufacturing technology to connect suppliers to our agile supply chain, reducing inventory waste and enabling us to deliver a variety of affordable products to customers around the world. Goods manufactured in that area of China are not entitled to entry into the U.S. SHEIN is a global fashion and lifestyle e-retailer committed to making the beauty of fashion accessible to all. "Other experts argue that it is appropriate to presuppose that any product made in the XUAR is made with forced labor." "While Shein claims its products do not utilize Uyghur forced labor and it works with third parties to audit its facilities, experts counter these types of audits are easily manipulated or falsified by state-sponsored pressure," the lawmakers wrote to Gensler. The $64 billion company is preparing for a potential IPO later this year. The representatives are leading a bipartisan group, including 22 other lawmakers, in demanding the SEC require that Shein independently verify that it does not use forced labor before being allowed to issue securities in the U.S. We have zero tolerance for forced labor."Īn SEC spokesperson told CNBC that Gensler will respond to members of Congress directly. "Our suppliers must adhere to a strict code of conduct that is aligned to the International Labour Organization's core conventions. We are committed to respecting human rights and adhering to local laws and regulations in each market we operate in," a Shein spokesperson told CNBC. "As a global company, Shein takes visibility across our entire supply chain seriously. Jennifer Wexton, D-Va., and John Rose, R-Tenn., wrote in a letter Monday to Securities and Exchange Commission Chairman Gary Gensler. The alleged practices violate the 2021 Uyghur Forced Labor Prevention Act, Reps. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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