China’s fast-fashion retailer Shein files for US IPO

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<span>© Reuters. A Shein logo is pictured at the company’s office in the central business district of Singapore, October 18, 2022. REUTERS/Chen Lin/File Photo</span><br />
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<p>By Kane Wu and Anirban Sen</p>
<p>(Reuters) -China-founded fashion company Shein has confidentially filed to go public in the United States, two sources familiar with the matter told Reuters on Monday.</p>
<p>Goldman Sachs, JPMorgan Chase (NYSE:) and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said.</p>
<p>Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant’s decision now comes at a time when the broader market for new issues remains laggard.</p>
<p>In recent months, public companies such as British chipmaker <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Arm </span></span> Holdings (NASDAQ:), grocery delivery app Instacart (NASDAQ:), marketing automation firm <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Klaviyo </span></span> (NYSE:) and luxury sandal maker Birkenstock (NYSE:) have disappointed investors with lackluster performances.</p>
<p>Reuters in July reported that Shein has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq.</p>
<p>Shein, which is now based in Singapore, declined to comment. </p>
<p>The company was valued at more than $60 billion in May and is expected to become the most valuable China-founded company to go public in the United States since ride-hailing giant Didi Global’s debut in 2021 at $68 billion valuation.</p>
<p>Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap as shoppers look for fresher styles and trendier clothing.</p>
<p>In August, Shein partnered with SPARC Group, a joint venture between Forever 21 owner Authentic Brands and mall operator Simon Property (NYSE:), in an attempt to expand their market reach and build on the growing demand for their products. </p>
<p>Shein along with Temu.com, however, have not been able to see shopper visits to their sites turn into sales and are far behind market leader Amazon.com (NASDAQ:), which has been able to convert visitors into buyers.</p>
<p>Shein’s confidential IPO was first reported by the Wall Street Journal earlier on Monday. </p>
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