Chinese fast fashion brand Shein, which has been linked to widespread rights abuses and accused of using legislative loopholes to "dodge US import taxes and sanctions checks", to go public in US
"Chinese fashion giant Shein has filed paperwork to float on US stock market – reports"
Fast fashion giant Shein has reportedly lodged confidential paperwork with US securities regulators, informing them of an intention to go public in the US.
The listing would likely be the largest initial public offering (IPO) in years.
Shein is one of the global leaders of fast fashion e-commerce, harnessing a network of small-shipment manufacturers in China, and a massive online advertising presence.
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The news of the filing follows reports and rumours from at least the middle of last year that the company intended to go public in the US in 2024.
Shein, a mass market online clothing retailer, was founded in China by entrepreneur Chris Xu, but is now headquartered in Singapore ...
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The company has reportedly told investors it hopes to receive a valuation of $80-90bn, Bloomberg reported last month.
In recent years Shein has expanded manufacturing into Brazil and Turkey, and distribution processes into the US, Europe and Canada. However, the company has come under criticism for things such as allegedly poor working conditions in factories, alleged copyright infringement on independent artists’ designs, along with criticism of fast fashion’s impact on the environment. Shein has denied the accusations.
Earlier this year Shein was accused, alongside its rival Temu, by a US house committee report of “building empires” by using legislative loopholes to “dodge US import taxes and sanctions checks”.
Shein declined to comment on the reports.