Shein IPO: Shein Files for US IPO, Aiming for $90 Billion Valuation

United States: Shein, the renowned fast-fashion retailer known for its trendy and affordable clothing, has confidentially filed for an initial public offering (IPO) in the United States, with aspirations of achieving a staggering $90 billion valuation, according to sources familiar with the matter.

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Originally founded in China, Shein is now headquartered in Singapore and has gained immense popularity for its fashion-forward clothing offered at incredibly low prices. The company’s move to go public in the US market has attracted the attention of major financial institutions, including Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley, which are reportedly working closely with Shein on the listing. These details come from an anonymous insider, as the filing has not been made public yet.

Representatives for Shein, JPMorgan, and Morgan Stanley have all declined to comment on the matter, while a response from Goldman Sachs is pending. The news of Shein’s IPO filing was initially reported by Shanghai Securities News.

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Shein’s ambitious valuation target places it in a league of its own within the fast-fashion industry. According to a report by Bloomberg News earlier this month, the company has been eyeing a valuation of up to $90 billion in the US IPO, far surpassing the sales of other prominent fast-fashion brands like Zara and H&M in the United States.

Despite its meteoric rise in the global retail market, Shein has faced criticism in recent times. Concerns have arisen regarding poor labor conditions in the factories it collaborates with, the overproduction of low-quality garments, and the utilization of cotton sourced from a Chinese region accused of employing forced labor. In response to these concerns, US senators have written to Shein’s Chief Executive Officer, Chris Xu, requesting additional information regarding the labor-related claims.

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Nevertheless, these challenges have not deterred Shein from its mission to expand its global presence. The company recently established distribution centers in the United States, Canada, and Europe, aimed at speeding up shipping times within these regions. Additionally, Shein has ventured into new territories by expanding its manufacturing operations in countries such as Brazil, Turkey, and India.

As the fashion retail giant moves forward with its IPO plans, it remains to be seen how investors will respond to the company’s valuation aspirations and the ongoing scrutiny surrounding its business practices. Shein’s journey into the US public market will undoubtedly be closely watched by both the financial and fashion industries alike.

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