Business

Chinese-based fashion behemoth Shein seeks US launch

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

Spriha Rai

Recent Posts

Mumbai’s Street MBA: How A Bag Hustle Became A ₹8 Lakh Business

A Mumbai auto driver earns up to ₹8 lakh per month by offering a simple…

58 mins ago

Five Districts In Manipur Face Internet Shutdown Following Unrest

Manipur suspended internet in five districts for five days after protests over arrest of a…

2 hours ago

Shashi Tharoor Criticises Pakistan: “In Pakistan You Get Rewarded For Promoting Terrorism”

Shashi Tharoor condemns Pakistan’s treatment of Dr Shakil Afridi, who helped the US locate Osama…

2 hours ago

How To Read Food Labels & Make Smarter Grocery Choices

Reading food labels helps you make informed, healthier choices by understanding nutrition facts & picking…

3 hours ago

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

15 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

15 hours ago