LONDON, United Kingdom — Shein, the Chinese-founded online fast-fashion giant, could issue plans this week for a London stock market listing valuing it at £50 billion ($64 billion), media reports said on Monday. A source close to the matter told AFP that the retail titan could reveal “as early as this week” its initial public offering (IPO) in the British capital. Another source told AFP the UK filing would be a confidential IPO, which affords companies more flexibility and the ability to hold back information on future strategy ahead of floating.
It could, however, take several months to finalize the launch of a London IPO, the second source added. The blockbuster move for Shein — which attracts legions of shoppers with ultra-low prices and rapidly-produced clothes — would come after it faced opposition for a New York listing amid US-China tensions. The Financial Times reported that Shein could file plans with UK regulators in the coming days.
Both Shein and the London Stock Exchange did not respond to requests for comment. Monday’s reports came after UK finance minister Jeremy Hunt told Sky News in February that he discussed a London IPO with Shein executive chairman Donald Tang. Hunt’s governing Conservatives are currently trailing far behind the main opposition Labour Party ahead of a general election on July 4.
“Confirmation of (the) listing may be fresh election campaign fodder for the Conservatives, who are likely to say it demonstrates that government.