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Weekend Briefing: Shein pursues London IPO to continue westward growth

Weekend Briefing: Shein pursues London IPO to continue westward growth
Last week, Shein's IPO came closer to fruition, but the Chinese fast fashion giant seems to have abandoned its intent to go public in the U.S.

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Chinese fast fashion giant Shein has abandoned its plans to go public in the U.S. and is now aiming for an IPO in London. The company, which is based in Singapore, still needs approval from the China Securities Regulatory Commission for the IPO to go through. Shein's shift in strategy comes as it faces challenges in the U.S. due to the ongoing trade war between the U.S. and China, as well as bad press related to influencer trips and legal issues. Despite these challenges, Shein continues to grow, with global revenue reportedly exceeding $30 billion annually. The company has also become a third-party owner of Sparc Group, which owns American fashion brands like Forever 21, Brooks Brothers, and Nautica. While Shein may not be going public in the U.S., it will continue to target growth among U.S. customers.

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