Kash Patel Set To Profit From Shein’s Potential IPO Amid Security Concerns

India-West News Desk

WASHINGTON, D.C. – Kash Patel, head of the Federal Bureau of Investigation (FBI), could stand to make millions from his previous association with Chinese fast-fashion giant Shein, which is preparing to go public as soon as this year, reported Wall Street Journal.

Patel, who once consulted for Shein’s parent company, Elite Depot, received stock compensation valued between $1 million and $5 million, according to his financial disclosures submitted during his confirmation process for the FBI role.

The controversy surrounding Patel’s financial ties to Shein has sparked concerns in national security circles, WSJ said. Although Shein moved its headquarters from China to Singapore in 2021, the company still relies heavily on Chinese factories to sustain its fast-fashion production model. Critics worry about the implications of Patel maintaining this connection while serving as the head of the FBI.

Charles Kupperman, former deputy national security adviser during Trump’s first term and a close associate of Patel, has called for the 44-year-old to “divest all of his interests” in Shein if confirmed for the FBI role. While the FBI has suggested that the likelihood of Patel’s duties involving Shein is “remote,” compensation experts argue that his ongoing relationship with a foreign company could still pose potential conflicts of interest, as noted in The Wall Street Journal.

Patel has already committed to selling shares in other public companies, such as Meta and Apple.

Shein has faced criticism globally for its labor practices, and its previous attempts to go public in the U.S. were met with bipartisan opposition, including from now-Secretary of State Marco Rubio.