
<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Fast fashion retailer Shein shot down a Thursday report from&nbsp;<a href="https://www.reuters.com/business/retail-consumer/chinas-shein-files-us-ipo-sources-2023-06-29/?taid=649dc58f25570b0001e072d2&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;that claimed it confidentially registered with regulators for a U.S. initial public offering, in what would be a highly controversial listing in the U.S. given controversy around the brand’s labor practices.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Shein told&nbsp;<em>Forbes</em>&nbsp;in an email that it denied “rumors” around the Reuters story, which reported the company had filed for an IPO with the Securities and Exchange Commission.</p>



<p>The company, which has been surrounded by&nbsp;<a href="https://time.com/6247732/shein-climate-change-labor-fashion/" target="_blank" rel="noreferrer noopener">controversy</a>&nbsp;over allegations of using forced labor, could have been the most valuable Chinese company to go public in the U.S., according to Reuters.</p>



<p>Shein was valued at $66 billion following a $2 billion funding round from this year—a valuation down more than 25% from a year earlier, according to the&nbsp;<a href="https://www.wsj.com/articles/fashion-giant-shein-raises-2-billion-but-lowers-valuation-by-a-third-1f8c316b" target="_blank" rel="noreferrer noopener"><em>Wall Street Journal.</em></a></p>



<p>Shein did not immediately respond to a request for comment from Forbes.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Shein is known for its fast fashion platform that offers low prices on a wide variety of men’s and women&#8217;s clothing, making it a popular brand in the U.S. According to a Money.co.uk&nbsp;<a href="https://www.money.co.uk/credit-cards/most-popular-fashion-brands-2022" target="_blank" rel="noreferrer noopener">report</a>&nbsp;last year, Shein managed to overtake companies such as Zara, Nike and Adidas in the world’s most-Googled clothing brands. However, the company’s success comes at a highly-scrutinized cost involving high emissions and alleged forced labor that lawmakers have encouraged the SEC to&nbsp;<a href="https://www.cnbc.com/2023/05/01/shein-china-congress-forced-labor-inquiry.html" target="_blank" rel="noreferrer noopener">crack down on</a>. The company produced about&nbsp;<a href="https://www.businessoffashion.com/news/topics/shein-sustainability-emissions-global-warming-fast-fashion/" target="_blank" rel="noreferrer noopener">6.3 million tons</a>&nbsp;of carbon dioxide in 2021 and has historically&nbsp;<a href="https://www.cnbc.com/2023/05/01/shein-china-congress-forced-labor-inquiry.html" target="_blank" rel="noreferrer noopener">denied</a>&nbsp;forced labor allegations and maintained that it has worked to comply with customs and import laws. However, attempts to clear its record, such as a tour of a clothing factory given by the company to influences, have been&nbsp;<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/27/sheins-influencer-trip-backlash-explained-and-what-we-know-about-allegations-against-them/?sh=49c52cf73508">met with skepticism.</a></p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p><a href="https://www.wsj.com/articles/shein-valued-at-100-billion-in-funding-round-11649126740" target="_blank" rel="noreferrer noopener">$100 billion</a>. That was Shein’s reported valuation in a funding round last year before plummeting down to&nbsp;<a href="https://www.ft.com/content/e84a6fcd-0881-47a1-b5dd-610ab72e7fdf" target="_blank" rel="noreferrer noopener">around $60 billion</a>&nbsp;this year.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.reuters.com/business/retail-consumer/chinas-shein-files-us-ipo-sources-2023-06-29/?taid=649dc58f25570b0001e072d2&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" target="_blank" rel="noreferrer noopener">Exclusive: China&#8217;s Shein files for U.S. IPO -sources</a>&nbsp;(Reuters)</p>



<p><a href="https://www.axios.com/2023/06/29/shein-denies-report-that-its-filed-for-an-ipo" target="_blank" rel="noreferrer noopener">Shein denies report that it&#8217;s filed for an IPO</a>&nbsp;(Axios)</p>



<p><a href="https://www.forbes.com/sites/darreonnadavis/2023/06/27/sheins-influencer-trip-backlash-explained-and-what-we-know-about-allegations-against-them/?sh=49c52cf73508">Shein’s Influencer Trip Backlash Explained—And What We Know About Allegations Against Them</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://time.com/6247732/shein-climate-change-labor-fashion/" target="_blank" rel="noreferrer noopener">Shein Is the World’s Most Popular Fashion Brand—at a Huge Cost to Us All </a>(<em>Time)</em></p>


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Is Shein About To Hit Stock Market? Report Says Company Filed For IPO—But Chinese Firm Denies Plan