Fast fashion retailer Shein has filed confidentially with U.S. regulators for an initial public offering that could take place next year, according to a person familiar with the matter.
The online retailer, which was founded in China but is now headquartered in Singapore, works with Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley on the listing, said the person, who asked not to be identified because of the filing. was not public.
Shein IPO: Company in talks with banks, exchanges for listing, says report
Representatives for Shein, JPMorgan and Morgan Stanley declined to comment. A spokesman for Goldman Sachs did not immediately respond to a request for comment. The filing was reported earlier by Shanghai Securities News.
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Shein has become popular thanks to its trendy clothes at extremely low prices. The company had hoped for a valuation of up to $90 billion in a U.S. IPO, Bloomberg News reported earlier this month. Shein’s estimated sales now far surpass Zara and H&M in the US fast fashion market.
At the same time, the Shein has been attacked for poor working conditions in factories with which it partners, overproduction of low-quality clothes and the use of cotton from a Chinese region accused of using forced labor. US senators wrote to Shein Chief Executive Officer Chris Xu to request more information about the job requirements.
Banned fashion site Shein to re-enter India through Amazon
The criticism hasn’t stopped Shein’s meteoric rise among shoppers around the world. Last year, Shein opened distribution centers in the United States, Canada and Europe to speed up shipping times in those regions. It also began expanding manufacturing in Brazil, Turkey and India.
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This story was published by a wire agency feed without modifications to the text. Only the title was changed.
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Updated: 28 Nov 2023, 06:47 IST