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Singapore-based Shein is reportedly considering relocating its financial debut from New York to London.
The shift comes as the ultra-fast fashion retailer, which was founded in China, believes its IPO plans would not be approved by the US Securities and Exchange Commission (SEC), sources told Bloomberg.
Besides London, the company is also considering Hong Kong or Singapore as new locations for its IPO. Notably, Shein founder and CEO Chris Xu is a permanent Singapore resident.
Earlier this month, US Senator Marco Rubio urged the SEC to prevent Shein from listing. He said that the company should provide more information about its operations in China. There was also a request to investigate Shein’s cotton supply from Xinjiang by a US Congress member last year.
In November 2023, Shein confidentially filed for a US IPO. It was already facing regulatory scrutiny at the time, with politicians urging the SEC to investigate the firm’s potential use of forced labor.
See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants
Editing by Miguel Cordon and Lorenzo Kyle Subido
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