Shein Drops Brunswick, FGS Global Ahead of Planned London IPO

Shein has ended its contracts with Brunswick and FGS Global, two firms supporting the fast-fashion retailer’s planned London initial public offering (IPO), a source familiar with the matter confirmed on Friday.

Brunswick had been handling media relations, while FGS managed government relations. Both contracts expired on Apr. 30 and will not be renewed, the source said. The move, first reported by The Times, has fueled speculation that Shein’s IPO timeline may be facing delays.

The decision comes amid growing regulatory and geopolitical challenges. While Shein, headquartered in Singapore, has received initial approval for its IPO from the UK Financial Conduct Authority, it is still awaiting clearance from Chinese regulators, according to previous Reuters reports.

Initially targeting a public debut in the first half of 2025, Shein’s plans are now under strain due to intensifying US-China trade tensions. Tariffs on Chinese goods imposed during Donald Trump’s presidency and the recent removal of duty exemptions for low-value e-commerce shipments are putting pressure on Shein’s cross-border business model, which depends on direct shipments from Chinese manufacturers to global consumers.

Neither Brunswick nor FGS Global provided comment, and Shein did not respond to Reuters’ requests for clarification.