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Online fashion behemoth Shein is reportedly preparing to file for a London stock market listing as early as this week. The China-founded, Singapore-headquartered firm’s proposed listing could be one of the largest deals for the London Stock Exchange in a decade, amid a scarcity of new firms on the UK’s public markets.
Sky News reports that Shein is readying to submit an initial public offering (IPO) prospectus to the Financial Conduct Authority (FCA) for approval. Insiders suggest this could happen this week, or later in the month.
The fast fashion company, which also owns the Missguided brand in the UK, could be valued at around 66 billion US dollars (£51.6 billion) with this float. Despite discussions with both the US and UK about share listing plans, Shein has encountered significant regulatory obstacles to secure a New York listing.
Last year, US lawmakers called for an investigation into allegations of Uighur forced labour in the production of some of its clothing. However, the London Stock Exchange and UK ministers, including Chancellor Jeremy Hunt, have been encouraging the business to float in London.
In 2022, Shein reported sales of £1.1 billion in its UK operation, according to its most recent accounts.
