The Chinese "fast fashion" giant, Shein, has confidentially filed an application for an IPO in the United States, the Wall Street Journal reported Monday evening, citing one of the largest "in years." This introduction “could take place in 2024, sources close to the matter indicated,” writes the Wall Street Journal, which specifies that Chinese media had also reported this request. The banks Goldman Sachs, JPMorgan Chase and Morgan Stanley were responsible for drafting the offer, adds the economic daily. Contacted by AFP, neither Goldman Sachs nor JPMorgan Chase wished to comment. Morgan Stanley did not respond.
Shein was valued at $66 billion earlier this year, and this IPO could be one of the largest in years, details the Wall Street Journal. Shein reported $23 billion in revenue and $800 million in net profit in 2022 and told investors the company generated record revenue and profit for the first three quarters of 2023, The Wall Street Journal also reported.
Founded in 2008 in China and now based in Singapore, Shein quickly conquered the global "fast fashion" market, based on the rapid renewal of collections at very low prices, and only sells online, targeting a young clientele. drinking in social networks. Accused of forced labor, of encouraging overconsumption, singled out for the environmental impact of its products and lacking transparency in its production, the brand has attracted the wrath of environmental and human rights defenders.