Follow us

Menu
PARTNER WITH USFREE NEWSLETTER
VISIT TheIndustry.beauty

Shein poised to file for £50bn London stock market float, say reports

TheIndustry.fashion
03 June 2024

Online fashion giant Shein is set to file for a London stock market listing as soon as this week, according to reports.

The proposed listing by the firm, which was founded in China and headquartered in Singapore, would be one of the largest deals for the London Stock Exchange in a decade and comes amid a dearth of new firms on the UK’s public markets.

Sky News reported Shein is preparing to file the necessary paperwork – an initial public offering (IPO) prospectus – with the Financial Conduct Authority (FCA) regulator for approval.

Sources told the broadcaster this could take place as soon as this week, but may take place later this month.

The stock market float could value the fast fashion firm at around 66 billion US dollars (£51.6 billion).

The retailer had been in talks with both the US and UK over share listing plans, but has faced significant regulatory hurdles to secure a listing in New York.

Last year, US legislators called for the firm to be investigated over allegations that Uighur forced labour was used in the production of some of its clothes.

Nevertheless, the London Stock Exchange and UK ministers have pushed to get the business to float in London, with Chancellor Jeremy Hunt holding talks with Shein executive chairman Donald Tang earlier this year.

Shein, which also owns the Missguided brand in the UK, recorded sales of £1.1 billion in its UK operation in 2022, according to its most recent set of accounts.

PA Media has contacted Shein for comment.

Words and image: PA

Free NewsletterVISIT TheIndustry.beauty
cross