China fast fashion company Shein reportedly files for US listing
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The news: China fast fashion giant Shein has confidentially applied for an initial public offering in the United States, according to multiple media reports that cited unnamed sources. The Singapore-based, China-founded company has tapped Goldman Sachs, JPMorgan Chase and Morgan Stanley for the listing, Bloomberg reported.
The numbers: Shein has not revealed the size of the deal or valuation at IPO, but it was estimated to be worth USD60 billion in a valuation in May and Bloomberg reported earlier this month the company was targeting up to USD90 billion in the float.
The context: Shein going public could represent a turning point for the US IPO market, with recent floats by Birkenstock, Instacart and Arm Holdings disappointing investors and falling below their offer prices within days of listing. The fast fashion juggernaut offers clothing at ultra-low prices, but it has been criticised for working conditions in its partner factories, overproduction and the quality of its garments.
