Chinese fast-fashion retailer Shein files for U.S. IPO – WSJ

China-founded fashion company Shein has confidentially filed to go public in the United States, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The fast-fashion giant 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, Reuters reported in July.

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said.

Shein declined to comment to Reuters on the report.

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.

Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands and mall operator Simon Property, as the online fashion retailer and its rivals look to expand their market reach.