Shein plans to go public in New York at the end of the year

Chinese fast fashion retailer Shein is looking to bring a new twist to the fashion industry table. low price. Nothing less than start trading on the stock market. And not in anyone. He put the date and place: USA, later this year, Reuters reports. To do this, it seems that he started a round of financing estimated at around two billion dollars (1.894 million euros) in the same month of March.

According to Reuters, three sources familiar with the operation include the United Arab Emirates state fund, among the investors who could support the operation that Shein is aiming for. mubadala. An important investor in this round, like the existing ones, is a private equity company General Atlantic (GA) and venture capital group Sequoia The capital of China.

The Chinese textile company, which bases its business on exclusive sales through the digital channel, attracts millions of young people from all over the world due to the speed of updating the wardrobe and the low prices of the items. Its success seems to be indisputable, despite doubts about quality standards, brand sustainability and constant accusations of plagiarism weighing on the company.

If the Wall Street IPO is confirmed, the whole opacity that hangs around Shein could be cleared up, since so far even the investment funds that finance her do not offer information about her evolution. Its presence in the New York park, if it comes to fruition – it has been discussed for almost a year – would be the Chinese company’s first capital operation in the United States since July 2021, according to analysts.

In any case, all these movements take place in secret and in great secrecy, according to Reuters. All the sources declined to be identified because the information is confidential.

Shein, for his part, said there are no current plans for an IPO and declined to comment. GA, Mubadala and Sequoia China also declined to comment, Reuters said.

The IPO, if successful, would be one of the largest in the world this year and a test of US investors’ appetite for Chinese companies amid volatile capital markets and geopolitical tensions.