Chinese fashion online store Shein is considering moving its planned IPO from the United States to the United Kingdom. Various media say this.
According to the Bloomberg news agency, London has come into the picture because many obstacles would arise for the planned IPO in New York. Shein is said to have submitted an application to US regulators at the end of November 2023. The US would still be preferred.
According to the British channel Sky News, British Chancellor of the Exchequer Jeremy Hunt has discussed a possible IPO in London with Shein’s executive chairman, Donald Tang. If an IPO comes to fruition, it could be the second largest ever in the United Kingdom, after that of commodities giant Glencore.
An IPO in Singapore or Hong Kong would also be a possibility if the American plans do not go ahead.
Shein was founded in China in 2008 and is currently based in Singapore. The company has become one of the symbols of cheap fashion. But it is not beyond discussion. The company has already come under fire due to poor working conditions in its partner factories and the low quality of its clothing.
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss anything from the stars.