Chinese “fast fashion” giant Shein has confidentially filed for a U.S. initial public offering, the Wall Street Journal reported Monday night, calling it one of the biggest “in years.”
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This launch “could take place in 2024, according to sources close to the matter,” writes the Wall Street Journal, which states that Chinese media have also reported this desire.
The banks Goldman Sachs, JPMorgan Chase and Morgan Stanley were responsible for developing the offer, the business newspaper adds.
AFP
Neither Goldman Sachs nor JPMorgan Chase declined to comment when contacted by AFP. Morgan Stanley did not respond.
According to the Wall Street Journal, Shein was valued at $66 billion earlier this year, and this IPO could be one of the largest in years.
AFP
Shein reported revenue of $23 billion and net income of $800 million in 2022 and told investors that the company had record sales and profits in the first three quarters of 2023, the Wall also reported Street Journal.
Founded in China in 2008 and now based in Singapore, Shein quickly conquered the global “fast fashion” market, based on the rapid renewal of collections at very low prices, selling exclusively online and targeting a young clientele. Drinking on social networks.
The brand has been accused of forced labor and promoting excessive consumption, criticized for the environmental impact of its products, and lacking transparency in production. In doing so, she has drawn the ire of environmental and human rights activists.