NEW YORK – Fast-fashion giant Shein has filed confidentially with US regulators for an initial public offering (IPO) 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, is working with Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley on the listing, said the person, who asked not to be identified because the filing wasn’t public.
Representatives for Shein, JPMorgan and Morgan Stanley declined to comment. The filing was reported earlier by Shanghai Securities News.
Shein has become popular thanks to its trendy clothing at ultra-low prices. The company has been hoping for a valuation of as much as US$90 billion (S$120 billion) in a US 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, Shein has come under fire for poor labour conditions in factories it partners with, overproduction of poor quality garments and the use of cotton from a Chinese region accused of using forced labour. US senators have written to Shein chief executive officer Chris Xu to request more information on the labour claims.
The criticism hasn’t stopped Shein’s meteoric rise among shoppers all over the world. Last year, Shein opened distribution centres in the United States, Canada and Europe to accelerate shipping times in those regions. It has also begun to expand manufacturing in Brazil, Turkey and India. BLOOMBERG
News Related-
Singtel is next S’pore stock to be traded on Thailand bourse under depository receipt linkage scheme
-
Chinese Swimming Club renews lease of Amber Road site for another 30 years
-
Cyber Monday forecast boosted after record online holiday sales
-
WealthBT Podcast: Powering up philanthropy for climate goals
-
US stocks pull back after weeks of gains
-
Former Binance CEO Zhao Changpeng must stay in US for now, judge says
-
Sports Illustrated scrubs AI-generated content after being called out for using deep fakes
-
Climate finance: UK-based standard setter VCMI’s introduction of flexibility to carbon credits market could unleash demand, much-needed investment
-
Fast-fashion giant Shein could be next blockbuster IPO after filing to go public: report
-
New York's cannabis board votes to settle lawsuits that have stalled legal dispensaries
-
CK Hutchison-backed HutchMed eyes global expansion after FDA approval for novel cancer drug
-
Cyber Monday sales set to reach $12.4 billion thanks to deal-hunters
-
Texas' new power grid problem
-
Shein files for U.S. IPO, as fast-fashion giant looks to expand its global reach