Nick Beighton, former CEO of Asos, voices strong concerns about Shein’s business practices.
- Beighton describes elements of Shein’s strategy as both ‘genius’ and alarming due to its lack of transparency.
- Shein is exploring a potential stock flotation in London, following a failed attempt in New York.
- Proximity sourcing emerges as a key strategy in fast fashion, advocated for by industry leaders.
- Source Fashion trade show highlights advancements in sustainable fashion and ethical sourcing.
Nick Beighton, the former chief executive officer of Asos, has delivered a stark appraisal of the fast-fashion giant Shein, describing certain aspects of its business model as both ‘genius’ and deeply concerning. Beighton expressed apprehension regarding Shein’s notorious opaqueness and lack of transparency in its production processes, which he deemed unsettling. His comments were made at the Source Fashion trade show, an event dedicated to sustainable fashion innovations.
Further stirring industry attention, Shein is reportedly considering a stock market flotation in London, after a previous plan to list in New York was thwarted by US legislative challenges. Beighton asserted that the London Stock Exchange should symbolise the highest standards in branding and industry practices. Whether Shein will meet these standards remains a critical question.
Addressing innovative sourcing strategies, Beighton championed proximity sourcing, emphasising that fast fashion can maintain speed while upholding ethical standards. He asserted that nothing achieves swiftness like UK sourcing when executed correctly, suggesting a model for responsible fast fashion.
The Source Fashion event itself, held in London, served as a pivotal showcase for advancements in ethical fashion sourcing. With over 300 exhibitors present, the event offered a platform for retailers to engage with new sustainable material innovations. It highlights the trade show’s rapid growth, as it prepares to expand its capacity for future events.
Joanna Mourant from Next outlined the company’s significant progress in sustainable sourcing, aiming to secure all its cotton from responsible sources by 2025. This commitment reflects broader industry trends toward ethical procurement, setting a benchmark for responsible business practices.
The commentary and developments presented at the Source Fashion trade show underscore a transformative phase in fashion towards greater transparency and ethics.
