Shein Tempts London With Prospect of Biggest-Ever Listing
- An IPO over $10 billion could be larger than Rosneft in 2005
- Shein chairman said to have met UK Chancellor Jeremy Hunt
A multi-billion dollar listing by fast fashion label Shein could become London’s biggest ever IPO, although analysts are wary that the plan, revealed by Bloomberg News, may never come to fruition.
The company, founded in China and popular with young shoppers around the world, is applying to list in New York yet faces political and regulatory hurdles in the US as well as scrutiny from Chinese authorities. The Securities and Exchange Commission has been urged to block the listing by US politicians such as Marco Rubio, partly due to accusations that cotton from forced labor in the Xinjiang region was used in Shein’s clothing.