Shein, a Chinese-founded fast fashion company, has filed a private application to go public in the United States, which might be one of the biggest IPOs in years.
According to the reports, the offering could take place next year. Underwriting the offering has been assigned to Goldman Sachs, JPMorgan Chase, and Morgan Stanley.
Shein was valued at $66 billion earlier this year, and the company’s public presence in the United States could create big waves on Wall Street.
Shein has told investors that the company, which is notorious for selling enormous amounts of clothes stock at extremely low rates, generated $23 billion in revenue and $800 million in net profit in 2022.
The company, founded in 2008 in China and based in Singapore, has quickly conquered the global fast fashion market by selling its products exclusively online and catering to youthful clientele through social media.
Shein has been accused by environmental and human rights activists of abusing unpaid labor, concealing production procedures, and fostering overconsumption.
Also read: Sixty-seven percent of Gazans cast ballots against Hamas the day before its strikes
To read more such news, download Bharat Express news apps
