Chinese fashion company Shein has filed to hold an initial public offering (IPO) in the U.S.
The retailer, which is popular in Asia, was last valued at $66 billion U.S. and could be ready to start trading on public markets in early 2024, according to multiple media reports.
Shein has been growing rapidly in recent years as it attracts consumers with its clothing designs and cheap prices. But Shein has faced accusations of using forced labour and violating international labour laws.
The company is currently under investigation by Congress in the U.S. and lawmakers have called on the U.S. Securities and Exchange Commission to ensure that Shein isn’t using forced labour before it’s allowed to start trading in America.
Today, Shein is headquartered in Singapore, though its senior executives are said to maintain close ties to the Chinese government in Beijing.
In recent months, Shein has hosted a series of well-publicized pop-up events and courted the business press with splashy parties that featured its independent designers as it prepares for a U.S. IPO.
Shein has also partnered with retailer Forever 21 to unveil a co-branded clothing line. Shein has been hosting pop-up events inside Forever 21 stores around the world in recent months.
The company has tapped Goldman Sachs (GS), JPMorgan Chase (JPM), and Morgan Stanley (MS) to be the lead underwriters on its IPO.
An exact date for the IPO and its dollar value have not been made public.
