- Shein has filed confidentially to go public and is moving forward with its long-rumored IPO.
- The retailer was most recently valued at $66 billion.
- Shein has selected Goldman Sachs, JPMorgan and Morgan Stanley as lead underwriters for the offering.
A pop-up store by Shein Group Ltd. in a Forever 21 store in the Times Square district in New York, USA, on Friday, November 10, 2023.
Yuki Iwamura | Bloomberg | Getty Images
Shein has confidentially filed to go public in the U.S. as the China-founded fast fashion giant looks to expand its global reach with a long-rumored initial public offering, CNBC has learned.
The retailer was last valued at $66 billion and could be ready to begin trading on public markets as early as 2024, people familiar with the matter said Monday.
It’s unclear how much the company is currently worth. But his valuation was a key point of discussion between Shein and consultants the company works with, people familiar with the matter said.
The digitally native retailer has enjoyed a meteoric rise in recent years after winning over consumers around the world with its fashionable designs, endless assortment and dirt-cheap prices. But Shein faced a number of challenges along the way and was accused of using forced labor in its supply chain, violating labor laws, damaging the environment and stealing designs from independent artists.
The company is currently being investigated by the Chinese Communist Party’s newly formed House of Representatives special committee and has faced scrutiny over its ties to Beijing. Numerous lawmakers, including 16 Republican attorneys general, have called on the U.S. Securities and Exchange Commission to ensure that Shein does not use forced labor in its supply chain before the company is allowed to begin trading in the United States
In October, Marcelo Claure, the company’s newly appointed group vice chairman and former SoftBank CEO, said in an interview with CNBC that Shein was working with lawmakers and taking the time to meet with them to explain the deal. He said “there is no such thing as forced labor in the Shein factories he visited.” However, the company has repeatedly admitted that there is forced labor in its supply chain and said it is taking steps to address the problem to fix.
Shein selected Goldman Sachs, JPMorgan and Morgan Stanley as lead underwriters for the offering, the people said.
Shein declined to comment. Goldman Sachs, JPMorgan and Morgan Stanley did not comment.
Earlier Monday, Chinese media reported Shein’s filing.
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