Singapore-based fast fashion platform Shein has confidentially planned to go public in the U.S.
Shein raised $2 billion at a $66 billion valuation in 2023. The fashion platform will likely go public at a valuation of up to $90 billion, TechCrunch reports.
Shein is known for disrupting an industry dominated by Zara and H&M, which attained an even higher valuation of $100 billion in April 2022.
Shein, established in China more than ten years ago, has revolutionized data analytics to forecast customer needs and manufacture limited clothing batches, reducing inventory expenses.
The report further noted that Shein is now grappling with issues such as copyright infringement lawsuits, environmental concerns, and rising competition from Temu, a burgeoning online marketplace operated by China's PDD Holdings Inc (NASDAQ: PDD).
Shein has considered a U.S. IPO for over three years. Still, challenges such as U.S. examination of Chinese accounting methods, market instability caused by the pandemic, and the impact of Russia's conflict in Ukraine have hindered its plans.