SHEIN Reportedly Files for IPO
Multiple news outlets have reported that the fast-fashion, low-cost, China-based clothing retailer SHEIN has filed for an IPO after months of rumors surrounding such a move. CNBC reported that the e-commerce company could start trading on the public markets in 2024. SHEIN was last valued at $66 billion, and Bloomberg reported that SHEIN told investors last month it hopes to receive a valuation of $80 billion-$90 billion.
Not much else is known about the possible IPO — news outlets reported SHEIN lodged confidential paperwork with the U.S. securities commission, something The New York Times said companies sometimes do to prepare for the offering out of the public spotlight.
Total Retail's Take: The IPO has been expected by investors, especially since SHEIN spent much of its infancy in the retail market tight lipped until it came under scrutiny with a litany of accusations, including claims that it copied designs, exploited its labor in China, and fueled wasteful consumption.
Last year, SHEIN said it would commit $15 billion to "improving standards" at suppliers' factories in the wake of allegations of labor exploitations among its factory workers in China. SHEIN has also been sued by multiple companies and designers for copyright infringement and violations of U.S. antitrust law.
