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Shein, a major fast-fashion company, is preparing to file a prospectus for a £50 billion London IPO next week, sources reveal.
Shein's Confidential Filing
Shein, a prominent online fashion company, is gearing up to submit a prospectus to Britain's Financial Conduct Authority for approval, as reported by Sky News (via Reuters) on Sunday. This would pave the way for a potential London IPO that could exceed 50 billion pounds ($63.70 billion).
The confidential filing, a crucial step in Shein's IPO journey, is expected to take place in the coming week, according to sources cited in the report.
Fast-Fashion Giant's IPO Strategy
Shein, the fast-fashion giant, remains undeterred by regulatory hurdles and opposition from U.S. legislators, demonstrating its unwavering commitment to its London listing. This steadfastness is a testament to the company's resilience and pursuit of its IPO goals.
According to sources who spoke to Reuters in May, Shein, valued at $66 billion in a fundraising effort last year, initiated discussions with the London-based teams of its financial and legal advisors early this year to investigate a listing on the London Stock Exchange.
However, the brand is not without its challenges in the U.K., as senior British legislators have voiced concerns and questioned Shein's suitability for a London listing. Acknowledging the regulatory landscape provides a comprehensive view for individuals interested in the fashion industry.
British Lawmakers' Scrutiny
Three parliamentary committee chairs and other high-ranking legislators have reportedly called for increased scrutiny of Shein in advance of the fast-fashion brand's London stock market IPO, according to a report by The Guardian.
Senior British politicians expressed that the initial public offering (IPO) should be subjected to more rigorous scrutiny, and a Shein listing should be suspended during the general election, which occurs when parliament is dissolved.
"With Shein's prices so low the London Stock Exchange needs to ask itself, whose suffering is subsiding those prices?" said Alicia Kearns, the Conservative chair of the Commons foreign affairs committee.
