At the recent Source Fashion trade show in London, concerns were raised about Shein’s business practices.
- The former CEO of Asos, Nick Beighton, deemed Shein’s approach both brilliant and alarming due to their opaque production methods.
- Shein’s potential London Stock Exchange listing was discussed, following a failed attempt in New York.
- Proximity sourcing in the UK was highlighted as an effective alternative to traditional fast fashion methods.
- The growth and sustainable initiatives at the Source Fashion trade show were celebrated with thousands of registrants.
At the Source Fashion event in London, significant attention was given to Shein, a Chinese-founded, Singapore-based e-tailer, showcasing innovative strategies that are both admired and feared across the fashion industry. Nick Beighton, former CEO of Asos, deemed the business model of Shein a blend of ‘genius,’ yet expressed caution towards certain production standards. His remarks emphasized the lack of transparency and the flood of concerns regarding their garment manufacturing processes.
Beighton speculated on the route Shein might take towards a listing on the London Stock Exchange. He emphasized that this exchange should host only the premier brands renowned for upholding the highest standards. This comment followed the collapse of Shein’s New York Stock Exchange listing, which stumbled amid political apprehensions in the United States.
Addressing a question from the audience, Beighton advocated for proximity sourcing, elucidating the potential speed and efficiency advantages offered by UK-based garment manufacturing. He opined that fast fashion could indeed be reconciled with sustainable practices, provided the processes are handled correctly within the local framework.
At the Source Fashion show, Joanna Mourant from Next underscored the company’s strides towards sustainability. She highlighted the retailer’s commitment to responsibly sourcing 100% of their cotton by 2025, noting a remarkable increase from their previous year’s target. Such shifts signal a growing acknowledgment and adherence to sustainable practices within the industry.
Event organizer Suzanne Ellingham emphasized the expansive growth of Source Fashion, now recognized as Europe’s largest garment manufacturing exhibition. Originally launched with some 80 exhibitors, the event now features over 300 and is set to expand further. The forthcoming February 2025 edition promises even more room for growth, reflecting the momentum in sustainable sourcing innovations.
The Source Fashion event underscored both the promising and concerning trends in the fashion industry’s approach to sustainability and transparency.
