Singapore-based fast fashion platform Shein has confidentially planned to go public in the United States, according to multiple media reports.
The Wall Street Journal broke the news earlier on Monday.
Shein raised $2 billion at a $66 billion valuation earlier this year, but is expected to go public at a valuation as high as $90 billion. As reported previously, the online fashion upstart, which has disrupted an industry that had been dominated by the likes of Zara and H&M, attained an even higher valuation of $100 billion in April 2022.
Founded in China over a decade ago, Shein has pioneered the use of data analytics to predict customer demand and produce small batches of clothing to keep inventory costs low, as reported by TechCrunch’s Rita Liao. While receiving recognition for its innovation in its light-asset e-commerce model, it faces growing challenges around copyright infringement lawsuits, criticisms from environmentalists and competition from Temu, an up-and-coming online bazaar run by China’s PDD.