Shein sign during its opening, at ABC Serrano, on 26 April, 2024 in Madrid, Spain.
Alejandro Martinez Velez | Europa Press | Getty Images
Fast fashion giant Shein has confidentially filed for a public listing in London, a person familiar with the matter told CNBC.
It marks another twist in the company’s so-far long road to a public markets debut. Shein confidentially filed for a U.S. initial public offering late last year as it looked to expand its global reach, CNBC previously reported.
But the retailer has faced mounting backlash tied to allegations of forced labor in its supply chain and to its use of a particular U.S. tax law exemption. Shein has applied for membership with the National Retail Federation, the industry’s largest trade association, multiple times and repeatedly been rejected, CNBC reported.
IPO experts told CNBC a U.S. offering was becoming increasingly unlikely, and that a London offering could sidestep some of the expected hurdles.
This story is developing. Please check back for updates.
https://image.cnbcfm.com/api/v1/image/107413924-1715606370233-gettyimages-2150274388-europapress_5918123_shein_sign_during_its_opening_at_abc_ser.jpeg?v=1719229723&w=1920&h=1080
Source link
