Shein Sets Sights on Europe for Roadshows Ahead of Anticipated London IPO Amidst Worker Treatment and Environmental Concerns

Shein, an internet-based clothing store, is arranging promotional events across Europe in anticipation of its Initial Public Offering (IPO) in London, according to insiders. The Chinese e-commerce company is estimated to be worth roughly US$66 billion, stemming from a funding cycle in the previous year.

The retail company, based out of Singapore, intends to conduct most of its meetings primarily in Europe, according to an informant. This strategy is to assess the potential for investments. The informants chose to remain anonymous as they were not permitted to disclose information to the press. A representative from Shein chose not to provide a statement.

The firm discreetly submitted documents to the UK's financial markets overseer in the beginning of June, initiating the proceedings for a possible public offering later this year. The company, which was estimated to be worth US$66 billion after a funding round the previous year, decided on London after its original plan to launch in New York fell through due to resistance from US legislators.

In November, the organization privately submitted an application for an Initial Public Offering (IPO) in the United States and simultaneously requested approval from the China Securities Regulatory Commission (CSRC), according to insiders. Chinese authorities notified Shein earlier this year that they would not endorse a U.S. listing because of problems with its supply chain.

As Shein progresses towards its initial public offering, there's growing scrutiny over its labor practices and environmental track record.

Shein is planning a proposal for this financial quarter pending approval from the Financial Conduct Authority, according to a different source informed about the situation. However, the plan still requires the green light from the CSRC. As of Thursday, the CSRC's official website had no mention of Shein being an approved candidate for an offshore IPO.