Shein files for U.S. IPO, as fast-fashion giant looks to expand its global reach

A Shein Group Ltd. pop-up store inside a Forever-21 store in the Times Square neighborhood of New York, US, on Friday, Nov. 10, 2023. 

Yuki Iwamura | Bloomberg | Getty Images

Chinese-founded fast fashion juggernaut Shein has confidentially filed to go public in the U.S. and is moving forward with its long-rumored IPO, CNBC has learned. 

The retailer was last valued at $66 billion, and could be ready to start trading on the public markets as soon as 2024, people familiar with the matter said Monday. 

It is unclear how much the company is currently worth. But its valuation has been a central point of debate among Shein and the advisors it’s working with, people familiar with the matter said. 

Shein has tapped Goldman Sachs, JPMorgan and Morgan Stanley to be the lead underwriters on the offering, the people said. 

Shein declined to comment. Neither Goldman Sachs nor JPMorgan commented. Morgan Stanley didn’t immediately return a request for comment.

Earlier on Monday, Chinese media reported on Shein’s filing.

This is breaking news. Please check back for updates.

Source – CNBC