Key Takeaways 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. Related: 'It Is Incredibly Disheartening, Insulting, and Downright Evil': Designers Accuse Shein of 'Egregious' Copyright Infringement and Racketeering Shein is headquartered in Singapore, where it's been since 2021, though most of its operations, including factories, remain in China.
To file for an IPO in the U.S., Shein needs permission from the Chinese government.
Last year, the company's sales surpassed both Zara and H&M with $32.2 billion in sales, per The Verge . Last summer, the fast-fashion company was sued by three fashion designers for copyright infringement, which alleged that the company was making exact replicas of their designs.
"It is incredibly disheartening, insulting, and downright evil to profit off of artists without their knowledge or permission," the July 2023 lawsuit stated. .