THE boss of Boohoo has urged the Government to plug a tax loophole exploited by Shein — before it attempts to list in London. The Chinese fast fashion giant appeals to shoppers with ultra-cheap clothes. 6 Boohoo has urged the Government to plug a tax loophole exploited by Shein — before it attempts to list in London 6 Shein ships parcels individually, allegedly to dodge import duties that other retailers are legally bound to pay Credit: SHEIN Critics say Shein sells tops for as low as £3.
25 because it ships parcels individually — to dodge import duties that other retailers are legally bound to pay In the face of rising US-Chinese political tensions, Shein has switched focus from New York to London for a potential £50billion stock market listing. The stock exchange has been starved of action and ministers are said to be desperate to bring Shein on board, but business leaders say the loophole should still be closed. John Lyttle, Boohoo’s CEO, said the Treasury would benefit from the extra tax, adding: “I hope the Government does it.
” The demand came as Boohoo posted a widening in losses to £159million from £90million. Overall revenues fell 17 per cent to £1.5billion.
It said customer numbers fell 11 per cent to 16million, which it blamed on a tough market backdrop and international struggles. Boohoo has now opened a warehouse in the US which it says means next-day deliveries for customers in all 50 states — which Shein and Chinese peer TEMU cannot offer becau.
