On June 2, 2022, in Madrid, Spain, the two entered SHEIN’s first physical store carrying two Shein bags.
Cesaro De Luca | Cesaro De Luca European Press | Getty Images
Chinese fast fashion giant Shein denied on Friday Reuters reports that says it has Confidential submission IPO in the US
“Shein denies these rumours,” a Shein spokesperson told CNBC.
Reuters quoted people familiar with the matter as saying report The listing could take place before the end of the year.
Founded by Chris Xu in 2012, the label has gained a global reputation for its affordable and stylish clothing. Shein was most recently valued at $64 billion, according to Reuters.
But Shane and Pinduoduo’s Cheap e-commerce app Temu has been accused of exploiting trade loopholes to import goods into the U.S. without paying tariffs or undergoing human rights screening, according to a report by a U.S. House of Representatives committee.
Shein told CNBC last week that its 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 priority.”
Reuters pointed out that the listing may make Shein the most valuable Chinese company listed in the United States after Didi Chuxing.
The ride-hailing giant listed on the New York Stock Exchange in 2021 at a valuation of $68 billion, but delisted less than six months later due to pressure from Chinese regulators and data security concerns.
In May, U.S. lawmakers urged the Securities and Exchange Commission to crack down on Shein’s alleged sale of clothing produced by forced labor in Xinjiang, China.
“We have zero tolerance for forced labor,” a spokesperson for Shein told CNBC in May.
Shein recently hosted a group of influencers at its factory in Guangzhou, China. While the influencers posted videos praising the company and dismissing allegations of forced labor, many viewers criticized the creators for repeating “propaganda.”
— CNBC’s Penny Chen contributed to this report.