Shein signs autographs at the opening of ABC Serrano on April 26, 2024 in Madrid, Spain.
Alejandro Martinez Vélez | European Publishing | Getty Images
Fast fashion giant Shein has secretly applied to list publicly in London, a person familiar with the matter told CNBC.
This marks another turning point in the company’s long road to going public so far. According to previous reports by CNBC, Shein secretly applied for an initial public offering in the United States late last year to expand its global influence.
But the retailer has faced growing backlash over allegations of forced labor in its supply chain and the use of exemptions from certain U.S. tax laws. According to CNBC, Shein has repeatedly applied to join the National Retail Federation, the industry’s largest trade association, but was rejected multiple times.
IPO experts told CNBC that listing in the U.S. is increasingly unlikely, and listing in London might avoid some expected hurdles.
This story is developing. Please check back for updates.
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