Fast-fashion giant Shein files for US IPO: report

China-founded fashion company Shein has confidentially filed to go public in the US, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The fast-fashion giant has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq, Reuters reported in July.

Shein pop-up store — Shein has partnered with SPARC Group, a joint venture between Forever 21 owner Authentic Brands and mall operator Simon Property. REUTERS

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said.

Shein declined to comment to Reuters on the report.

The company founded in mainland China in 2012 was valued at more than $60 billion in a May fundraising, down by a third from a funding round last year.

The most valuable China-founded enterprise to go public in the US so far is e-commerce giant Alibaba Group, which debuted in 2014 at a valuation of $231 billion.

Shein app — Shein was valued at more than $60 billion in May. AFP via Getty Images

Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands and mall operator Simon Property, as the online fashion retailer and its rivals look to expand their market reach.