2023-11-27 22:18:00
(Added Shein’s response to paragraph 4)
China-founded fashion company Shein has filed confidentially for an initial public offering in the United States, the Wall Street Journal reported Monday, citing people familiar with the matter.
The fast fashion giant has worked with at least three investment banks on a possible IPO and was in talks with the New York Stock Exchange and Nasdaq, Archyde.com reported in July.
Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead managers for the offering, which might take place in 2024, according to the WSJ.
Mr. Shein declined to comment to Archyde.com on this 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 92Sy.MU debuted in 2021 with a valuation of 68 billion dollars.
Fast fashion has grown in popularity in the United States, with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands AUTH.N and mall operator Simon Property SPG.N , then as the online fashion retailer and its rivals seek to expand their market reach.
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