IN A bid to improve its transparency, Britain's largest steel firm Liberty House will publish its consolidated accounts and name a board of directors for the first time.
The latest move has come following a series of criticism that the Sanjeev Gupta-led business lacked transparency.
Liberty House and Gupta, 48, have been facing questions for not providing details about investors and how it funded its series of acquisitions.
The company's lack of financial transparency and corporate management have raised questions over the viability of the business empire.
The company has been in news for its disorderly series of business acquisitions. It reportedly took advantage of depressed asset prices.
Gupta’s company turns over £20 billion a year and has a staff strength of 35,000 across the globe.
Its 8,000-strong British workforce makes it the country’s largest steel firm.
The wealth controlled by Gupta has made him and his family the fifth largest landowner in Britain.
In 2019, having expanded into the US and Australia markets, Liberty House doubled in size with the acquisition of seven European steelworks of ArcelorMittal.
On consolidating his company’s accounts, Gupta told The Times he was on his way to having them published by February 2020 at the latest.
The latest move to ensure transparency will enable the business to refinance on the mainstream capital markets and lower its cost of capital.
About his use of non-conventional financing, he added: “We have bought (distressed) businesses that have not been able to access the debt markets in a typical way.”
On criticism of his unconventional lenders, Gupta said: “We have borrowed from willing and happy debt providers. Why is that an issue for anybody?”
Shein’s UK sales hit £2.05bn in 2024, up 32.3 per cent year-on-year, driven by younger shoppers.
The retailer benefits from import tax loopholes unavailable to high street rivals.
Faces mounting criticism over labour practices and sustainability as it eyes a London listing.
Tax edge drives growth
Chinese fashion giant Shein is transforming Britain’s online clothing market, capturing a third of women aged 16 to 24 while benefiting from tax breaks unavailable to high street rivals.
The fast-fashion retailer’s UK sales surged 32.3 per cent to £2.05bn in 2024, according to company filings, with pre-tax profits rising to £38.3m from £24.4m the previous year. The growth comes as established players like Asos struggle in an increasingly competitive landscape where young consumers prioritise value above all else.
Shein has partly benefited from a tax break on import duty for goods worth less than £135 sent directly to consumers, The rule lets overseas sellers send low-value goods to the UK tax-free, disadvantaging local businesses.
“The growth of Shein and Temu is a huge factor,” said Tamara Sender Ceron, associate director of fashion retail research at Mintel told The Guardian. “It is particularly successful among younger shoppers. It is also a threat to other fashion retailers such as Primark and H&M because of its ultra-low price model that nobody can compete with. It’s changed the market.
"The market dynamics reflect broader shifts in consumer behaviour. Online fashion sales reached £34bn last year, up 3 per cent, according to Mintel, but shoppers have become more cautious as disposable incomes shrink, and fashion competes with holidays, festivals, and streaming services for wallet share.
Scrutiny builds
Despite its commercial success, Shein faces mounting scrutiny. The company filed initial paperwork last June for a potential London Stock Exchange listing, but critics question its labour practices and environmental impact.
"Regardless of whether Shein gets listed on the London Stock Exchange, no company doing business in the UK should be allowed to play fast and loose with human rights anywhere in their global supply chains,” said Peter Frankental, economic affairs programme director at Amnesty International UK to BBC.
The “de minimis” rule has drawn renewed attention after US President Donald Trump scrapped a similar measure during his trade war with China.
Shein’s UK operation now employs 91 people across offices in Kings Cross and Manchester, focusing primarily on local market expertise.
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