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British Retailer Mothercare's CEO Steps Down

FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
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British Retailer Mothercare's CEO Steps Down

FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo

Baby products retailer Mothercare Plc said on Friday Chief Executive Officer Daniel Le Vesconte has stepped down, effective immediately, after just five months at the helm.

The departure comes a month after the London-listed company said it had begun discussions with its lender to change, renegotiate, or refinance its debt facility due to higher interest rates, warning that it may need waivers to future covenant tests.

Chairman Clive Whiley and Chief Financial Officer Andrew Cook will lead the operating board until the process to find a CEO replacement is completed, the company said in a statement.

"The board believes that a change in CEO is in the best interests of the company and its shareholders," Mothercare said.

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Sources: Shein Weighs Sale of Less Than 10% of Company in London IPO

A mannequin with a Shein sign stands in an office of a lingerie maker at WeMet Industrial Park, in Guanyun county of Lianyungang, Jiangsu province, China November 25, 2024. REUTERS/Florence Lo
A mannequin with a Shein sign stands in an office of a lingerie maker at WeMet Industrial Park, in Guanyun county of Lianyungang, Jiangsu province, China November 25, 2024. REUTERS/Florence Lo
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Sources: Shein Weighs Sale of Less Than 10% of Company in London IPO

A mannequin with a Shein sign stands in an office of a lingerie maker at WeMet Industrial Park, in Guanyun county of Lianyungang, Jiangsu province, China November 25, 2024. REUTERS/Florence Lo
A mannequin with a Shein sign stands in an office of a lingerie maker at WeMet Industrial Park, in Guanyun county of Lianyungang, Jiangsu province, China November 25, 2024. REUTERS/Florence Lo

Fast fashion retailer Shein is considering asking UK regulators to waive listing rules that require at least 10% of its shares to be sold to the public in its planned London flotation, two people with knowledge of the matter said.
The company is exploring this option to facilitate its IPO, one of the people said, according to Reuters.
If granted, it would likely be the first time that a company in London has been allowed to list below the recent 10% rule.
Singapore-headquartered Shein, which sells $5 tops and $10 dresses mostly made in China, in June filed confidentially with the Financial Conduct Authority (FCA) for a London listing.
However, Britain's financial regulator is taking longer than usual to approve its application, Reuters reported last week.
The people declined to be identified as they were not authorized to speak to the media.
Shein declined to comment.
Shein was valued at $66 billion in a fundraising round last year. A 10% flotation at that valuation would make the IPO worth $6.6 billion. The biggest European IPO this year was perfume and fashion company Puig's $2.9 billion deal, according to Dealogic.
The current valuation of Shein and how much it is looking to raise via the London listing was not immediately known.
London changed its listing rules in 2021 to boost the attractiveness of the venue for companies. It cut the proportion of shares an issuer is required to float to 10% from 25%, reducing potential barriers for large IPOs, the FCA said at the time.
In July, Britain ushered in the biggest reform of company listing rules in more than three decades to help it compete more effectively with New York and the European Union for new issuers.
Shein began to explore a listing on the London Stock Exchange early this year, Reuters reported in May, citing sources. The China-founded company's original plan to list in New York was derailed after opposition from US lawmakers.
Shein is also waiting for China's securities regulator to approve its plans for a London IPO, Reuters previously reported. Its revenues are expected to hit $50 billion this year, up 55% from 2023, according to Coresight Research.