Beat the Heat: 6 Foods You Should Skip This Summer
By Purnima Mishra
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
The National Stock Exchange (NSE) has pledged ₹1 crore to support families of those killed…
Top global leaders called Prime Minister Narendra Modi on Thursday to condemn the Pahalgam terror…
An all-party meeting held in Srinagar on Thursday passed a resolution extending full support to…
Reliance Industries Chairman and Managing Director Mukesh Ambani on Thursday denounced the 22 April terrorist attack…
Prime Minister Narendra Modi spoke with his Israeli counterpart, Benjamin Netanyahu on Thursday, following Tuesday’s terror attack in…
PM Narendra Modi has expressed deep sorrow over the brutal killing of 26 innocent civilians…