Controversial Chinese-based fast fashion company Shein quietly filed for an IPO earlier this month in London, valued at around $63 billion according to several outlets, including the Wall Street Journal and CNBC.
The discussions are reportedly “private” and noted that the retailer would still prefer an IPO in the U.S. but due to controversy and backlash surrounding its questionable labor practices by American lawmakers, the notion seems unlikely.
Shein originally tried to file for an IPO in the U.S. in November 2023 (at around a $90 billion valuation) and failed. It’s noted that though the company filed for the IPO in London, it does not mean the company will get it.
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