Shein’s IPO Plan to Fuel Scrutiny Over Cotton, China Roots
- Congresswoman questions whether items made with forced labor
- Firm moved HQ to Singapore, expanded manufacturing overseas
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Fast-fashion retailer Shein has a lot of work to do to convince skeptics that the runway is clear for it to launch an initial public offering next year.
The Singapore-headquartered company filed confidentially for a listing in New York, a person familiar with the matter has said, weeks after Bloomberg News reported that it could seek a valuation of as much as $90 billion in a first-time share sale. If it sold a 10% stake, raising about $9 billion at that valuation, it would be the fifth largest consumer company IPO of all time, just behind Porsche AG’s $9.1 billion 2021 listing, Bloomberg calculations show.