Shein signs autographs at the opening of ABC Serrano on April 26, 2024 in Madrid, Spain.
Alejandro Martinez Vélez | European Publishing | Getty Images
Online fashion company Shein is preparing to submit a prospectus to the Financial Conduct Authority for approval ahead of a London listing that could value the company at about 50 billion pounds ($63.7 billion), Sky News reported on Sunday.
The report quoted sources as saying that the confidential filing could come as soon as next week.
China-founded Shein did not immediately respond to Reuters’ request for comment.
Sources told Reuters in May that Shein, which was valued at $66 billion in last year’s financing, began working with its London-based team of financial and legal advisers early this year to explore the possibility of listing on the London Stock Exchange.
The fast-fashion company has stepped up preparations for a London listing after its attempt to list in New York faced regulatory hurdles and pushback from U.S. lawmakers.
However, senior British Members also raised questions Shein is seeking a London listing and has called for greater scrutiny of the business. Shein responded by saying it was strengthening governance and compliance.
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