Chinese online fashion store Shein is considering moving its planned IPO from the US to the UK. Various media outlets say this.
According to Bloomberg News, London came into the picture due to the emergence of many obstacles to the IPO scheduled for New York. Shein is said to have submitted an application to US regulators at the end of November 2023. The US will remain the favourite.
According to Britain’s Sky News, British Treasury Secretary Jeremy Hunt discussed a potential IPO in London with Shein CEO Donald Tang. If the IPO comes to fruition, it could be the second-largest ever in the UK, after commodities giant Glencore.
An IPO in Singapore or Hong Kong would also be a possibility if US plans do not go ahead.
Shein was founded in China in 2008 and is currently headquartered in Singapore. The company has become one of the icons of cheap fashion. But the matter is not out of discussion. The company has already been criticized for 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 a thing from the stars.
