World News Today

India news, world news, sports news, entertainment news,

Chinese-Founded Fashion Giant Shein Applies To Launch In US: Report

Chinese-Founded Fashion Giant Shein Applies To Launch In US: Report

Shein was valued at $66 billion earlier this year. (File)

Washington:

Chinese-founded fast fashion giant Shein has confidentially applied to go public in the United States, the Wall Street Journal reported Monday, calling the move potentially one of the biggest IPOs in years.

The offering could come next year, the newspaper said, citing people familiar with the matter and adding that Chinese media had also reported on the filing.

Banks Goldman Sachs, JPMorgan Chase and Morgan Stanley have been tasked with underwriting the offering, according to the business daily.

Both Goldman Sachs and JPMorgan Chase declined to comment when contacted by AFP, while Morgan Stanley did not immediately respond to a request for comment.

Shein was valued at $66 billion earlier this year, and a public presence by the company in the United States could make huge waves on Wall Street.

The company — known for selling enormous amounts of clothing stock for extremely low prices — recorded $23 billion in revenue and $800 million in net profit in 2022, the Journal said, reporting that Shein has told investors it has already posted new records in the first three quarters of 2023.

Founded in 2008 in China and based in Singapore, Shein has quickly conquered the global fast fashion market by selling its products exclusively online and catering to young customers through social media.

Shein has been accused of exploiting unpaid labor, obscuring production processes and encouraging overconsumption as it has faced the wrath of environmental and human rights activists.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Leave a Reply

Your email address will not be published. Required fields are marked *