A Shein IPO is reportedly moving forward with the fast-fashion e-tailer having confidentially filed to go public in the United States, according to multiple reports Monday.
The Singapore-based company, which has an office in downtown Los Angeles, is said to be exploring an IPO for next year and is working with Goldman Sachs Group, JPMorgan Chase & Co and Morgan Stanley, according to a Bloomberg report.
The state-owned Shanghai Securities News first reported on the filing last week.
Shein is said to be seeking a $90 billion valuation with the IPO, according to both Shanghai Securities News and Bloomberg.
The fast-growing retailer is now reportedly larger by sales than other fast-fashion competitors such as Zara and H&M, Bloomberg reported.
Rapid Scale
Increased scrutiny around the company’s sourcing of product from vendors with questionable labor practices hasn’t done much to stem Shein’s growth.
The company has more recently made moves to consolidate and place itself at the center of the fast-fashion industry.
It bought Missguided from Frasers Group on undisclosed terms in October. That same month Shein struck a deal with Authentic Brands Group to handle the design, manufacture and distribution of a Forever 21 line of apparel and accessories.
The Authentic agreement followed news in August Shein bought a one-third stake in SPARC. The move was seen as helping rapidly expand Shein’s brand at brick-and-mortar through Forever 21 distribution in the U.S.
SPARC, the operator of Forever 21 and joint venture between Authentic Brands and Simon Property Group, took a minority stake in Shein as part of the deal.
A glimpse locally at how the relationship between the two fast-fashion retailers is shaping up came in the form of the first California Shein pop-up inside Forever 21. That rolled out in October at Simon Property’s Ontario Mills outlet center. The buzzy event drew fans, who queued ahead of opening hours each day of the pop-up to be among the first to shop the space.
Shein’s temporary shop-in-shop commanded a large footprint within Forever 21, carrying an assortment of men’s, women’s and kids apparel and accessories.
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