Shein started engaging with the London-based teams of its financial and legal advisors to explore a listing on the LSE early this year, said the source and a separate person familiar with the matter
Fast-fashion giant Shein is stepping up preparations for a London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmakers, two people with knowledge of the matter said.
The China-founded fashion company has also approached London-based fund managers for introductory meetings ahead of the planned float, said another source with direct knowledge of the matter. The plan for a U.S. IPO is still officially on the table, but the Singapore-based company has been struggling to clear regulatory hurdles both in the U.S. and China, amid lambasts from U.S. lawmakers on alleged labor malpractices and lawsuits from competitors.
It may also pursue a secondary U.S. listing in New York following its London IPO when it deems the U.S. political climate to be more favorable, the second source added. Shein, known for its $10 tops and $5 biker shorts, has filed with the CSRC which subjects it to Beijing’s permission for an offshore listing despite having moved its headquarters from China’s Nanjing to Singapore in 2022, highlighting the limits of its efforts to present itself as a global rather than Chinese company.
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