Shein plans to go public in the US by 2024

Shein is planning to launch its initial public offering in the US as soon as 2024, according to a report by Bloomberg, citing people familiar with the subject.

Despite the fast-fashion giant’s plans to go public, the company faces environmental, social and governance (ESG) concerns that could hamper the plan.

Reuters had previously reported that Shein sough to go public this year, however this is unlikely to materialise.

Shein, which is valued at a whopping $100 billion, has come under scrutiny due to its wasteful business practises that builds the foundations of its fast and prolific production chain.

Swiss watchdog Public Eye claimed some of Shein’s manufacturers have been subjecting employees to dangerous conditions and 75-hour workweeks.

Despite the damning claims, large investors including Sequoia Capital China, IDG Capital, and Tiger Global Management have not been put off putting capital behind the company.

According to Bloomberg’s report, Shein is making internal moves to improve its image and its ESG rating.

Fast fashion critics in general have taken umbrage with Shein for its garment quality. A report from the World Bank in 2019 found that the annual number of new garments produced had doubled from the 50 billion produced in 2000.

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