Chinese fast-fashion retailer Shein has reportedly moved back the date for a possbile US initial public offering to 2024 from later this year.
Shein is now considering an IPO as soon as 2024, according to a Bloomberg report.
In January, Reuters reported Shein could have one as early as 2022. Reuters later reported in February that the company had shelved the idea over increased market volatility following Russia’s invasion of Ukraine, with Shein representatives telling the news agency that the company had no plans for an IPO.
Shein now has a valuation of around $100B with 2021 sales of at least $16B, Bloomberg said. Major investors include Tiger Global Management, IDG Capital and Sequoia Capital China.
In preparation of the IPO, Shein has been busy trying to improve its ESG image with investors, which has suffered due the company’s fast-fashion business model and reports of employees working up to 75 hours a week under hazardous conditions, Bloomberg added.
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