Shein, the China-founded fast fashion online retailer, has confidentially filed to go public in the U.S. with the potential to start trading in 2024.
Goldman Sachs, JPMorgan Chase and Morgan Stanley were hired as lead underwriters in what could be one of the biggest IPOs in years, sources told the Wall Street Journal. The retailer, now based in Singapore, was valued at around $66 billion in a fundraising round in May.
Confidential IPO filings have become more common. They allow companies to make any necessary adjustments to their filings in concert with the U.S. Securities and Exchange Commission. The filing will be made public once the company is ready to move forward with its IPO.
The WSJ said Shein posted $23 billion in revenue and $800 million in net profit in 2022 and told investors it delivered record revenue and income for the first three quarters of 2023.
Founded in 2008, Shein has quickly conquered the global fast fashion market by selling its products exclusively online and catering to young customers through social media. It recently opened a third-party marketplace in direct competition with Amazon.
In recent months, Shein acquired a stake in Forever 21, which will allow Shein to sell in its brick-and-mortar stores and bought British women’s fashion brand Missguided.
Shein has been accused of exploiting unpaid labor, obscuring production processes and encouraging overconsumption as it continues to face scrutiny from environmental and human rights activists.
Photo courtesy Shein
