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Shein registers for US IPO, Trump SPAC insider trading & more | E1771

This Week in Startups

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Sheen's Low Margin Business

24 US representatives from both parties Opposed the IPO back in May when rumors were first reported. They wanted to mandate that Sheen undergo an independent audit to verify that the company does not use Uighur forced labor. Since November, Bloomberg reported that tests on Sheen fabric on two separate occasions came back positive for cotton produced in China Xinjiang province where a majority of the Uighur Forced Labor allegedly or confirmed occurs. A spokesperson from Sheen denied these allegations stating that the company has a zero tolerance policy towards forced labor.

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