Ultra-fast fashion retailer Shein filed confidentially for a U.S. IPO last week, hoping to land an up to $90 billion valuation. Once the IPO documents are made public, we'll finally get a glimpse into the inner workings of the controversial Chinese company that sells clothes for dirt cheap and, hopefully, its mysterious founder Sky Xu. Until then, if anybody can fill us in, let us know!
Here's a short background of the company: Shein was founded more than a decade ago, supposedly by the elusive Sky Xu, but didn't take off until 2022 with the perfect storm of Gen Z, influencer marketing, particularly on TikTok, and the COVID-19 pandemic. The company quickly became one of the biggest online retailers in the world and has made Xu one of the richest men in China. Rumor has it he's worth somewhere in the realm of $20 billion.
Will we see Shein go public in 2024? Possibly. The filing will require the company to discuss its supply chain and profitability, which could call its ethics into question. Lawmakers are encouraging the SEC to audit the company before allowing it to list in the U.S. so that could cause major delays.
Should GiveAshare offer Shein stock when the time comes? Head to our Instagram (@giveashare) to cast your vote!