Lokesh Choudhary · · 2 min readShein not settled on London listing yet: chairman
Photo credit: Melissa Goh / Tech in Asia
Amid rising geopolitical tensions between the US and China, online fashion retailer Shein has reportedly been considering a public listing in London listing instead of New York. However, Shein executive chairman Donald Tang declined to confirm the plans in an interview with the Financial Times, saying that the company wants to “explore all options.”
Tang added that while Shein has made some progress in changing the perception that the company is controlled by the Chinese government, it was not enough to change US lawmakers’ minds.
Shein started the IPO process six months ago, filing initial paperwork with the US Securities and Exchange Commission. However, despite being headquartered in Singapore headquarters and not operating in China, most of Shein’s suppliers are Chinese.
The US has tightened its grip on China-linked companies in recent months. Most notably, the potential ban of short-video app TikTok has been signed into law. But the company and some creators are taking legal action to block the move.
The US is also reportedly considering a 100% tariff on Chinese electric cars, a 4x increase compared to current levels.
As for Shein, the company reported a significant boost in net profit for 2023 despite challenges. Exceeding US$2 billion, the number is a substantial increase from the US$700 million it had recorded in 2022.
See also: Southeast Asia’s ecommerce players go low to get ahead in price war
Editing by Putra Muskita and Eileen C. Ang
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