Report: Chinese fast-fashion giant Shein wants to go public in New York
The online fashion retailer Shein, which was founded in China, wants to go public in the USA, according to a report in the Wall Street Journal. Shein has submitted a corresponding application, the newspaper reported. It could therefore be one of the biggest IPOs "in years".
The IPO could take place in 2024, the Wall Street Journal reported, citing insiders. Chinese media have also reported on the plans. The IPO is to be managed by the banks Goldman Sachs, JPMorgan Chase and Morgan Stanley - the institutions did not wish to comment on the report when asked by AFP; Morgan Stanley did not respond for the time being.
Shein's market capitalization was recently estimated at 66 billion dollars (60.3 billion euros). Last year, the fast fashion giant made a turnover of 23 billion dollars and a profit of 800 million dollars.
Shein was founded in China in 2008; the company is now based in Singapore. Shein offers a rapidly changing range of new garments at very low prices. Human rights activists have accused the company of forced labour, while environmental organizations have criticized the impact of fast fashion on the environment.
Source: www.ntv.de
