Two people holding two SHEIN bags after entering SHEIN’s first physical store in Madrid, Spain, June 2, 2022.
Cesaro De Luca | European Press | Getty Images
Chinese fast-fashion giant Shein denied the remarks on Friday. Reuters report said it is Submitted in Confidentiality Preparing for an initial public offering in the United States
A spokesperson for Shane told CNBC, “Shayne denies these rumors.”
Reuters reported, citing sources familiar with the matter. report The listing could take place by the end of the year.
Founded in 2012 by Chris Xu, the brand has become known worldwide for its affordable and trendy apparel. Shane was recently valued at $64 billion, according to Reuters.
However, Shane also Pinduo Duo Low-cost e-commerce app Temu exploited trade loopholes to import goods into the United States without paying tariffs and subject shipments to human rights reviews, according to a US House committee report. accused of suspicion.
Shayne told CNBC last week that the company’s policy is to “comply with the customs and import laws of the countries in which we operate” and that it will continue to “make import compliance a top priority.” .
Reuters said the listing could make Shine the most valuable Chinese company listed in the United States since Didi Global.
In 2021, the ride-hailing giant went public on the New York Stock Exchange at a valuation of $68 billion, but was delisted less than six months later due to pressure from Chinese regulators and data security concerns.
In May, US lawmakers called on the SEC to crack down on Mr. Shein, who is suspected of selling clothes made with forced labor in China’s Xinjiang Uighur Autonomous Region.
“We have zero tolerance for forced labor,” a Shane spokesperson told CNBC in May.
Shein recently hosted a group of influencers at its facility in Guangzhou, China. Influencers denied the forced labor allegations and posted videos praising the company, but many viewers accused the creators of repeating “propaganda”.
— CNBC’s Penny Chen contributed to this report.
