Two people hold two Shein bags after entering SHEIN’s first physical store in Madrid, Spain, June 2, 2022.
Cezaro De Luca | European Press | beautiful pictures
China’s fast fashion giant Shein on Friday turned down a Reuters report that says it has secret submission for an initial public offering in the United States
“Shein denies these rumours,” a Shein spokesperson told CNBC.
Reuters, citing sources familiar with the matter, report The listing could happen before the end of the year.
Founded in 2012 by Chris Xu, this brand has emerged globally for its trendy and budget-friendly apparel. Shein was recently valued at 64 billion USDaccording to Reuters.
But Shein, as well Pinduoduo’s Temu e-commerce app budget, was charged Taking advantage of trade gaps to import goods into the US according to a report from the US House of Representatives committee.
Shein told CNBC Last week, its policy was to “comply with the customs and import laws of the countries in which we operate” and it will continue to “prioritize import compliance.”
Reuters notes that the listing could make Shein the most valuable Chinese company listed in the US since Didi Global.
In 2021, the ride-hailing giant listed on the New York Stock Exchange at a valuation of $68 billion, but unlisted less than 6 months later due to pressure and concerns about data security from Chinese regulators.
In May, US lawmakers urged the SEC to take action against Shein for accused of selling clothes made by forced labor in Xinjiang, China.
“We have zero tolerance for forced labor,” a Shein spokesperson told CNBC in May.
Shein recently hosted a group of influencers at her facility in Guangzhou, China. While influencers posted videos praising the company, denying allegations of forced labor, many viewers Criticize the creators to repeat “propaganda.”
— CNBC’s Penny Chen contributed to this report.
