Chinese Fast Fashion Giant Shein Files for US IPO, Could Be Biggest in Years, China

Fast-fashion giant Shein has reportedly applied to go public in the United States, according to the Wall Street Journal. The confidential filing, if approved, could lead to one of the largest initial public offerings (IPOs) in recent years. Shein, valued at $66 billion earlier this year, is known for offering a vast selection of clothing at incredibly low prices. The company recorded $23 billion in revenue and $800 million in net profit in 2022, and it claims to have achieved new records in the first three quarters of 2023. Banks including Goldman Sachs, JPMorgan Chase, and Morgan Stanley have been chosen to underwrite the offering. Shein’s move into the US market has the potential to create significant disruptions on Wall Street. However, the company has faced criticism for alleged labor exploitation, lack of transparency in its production processes, and promoting overconsumption. Shein was founded in China in 2008 and has since dominated the fast fashion market worldwide, targeting youthful customers through online channels and social media platforms.