- Shein considers London IPO amid US-China tensions, chairman says.
- The fashion retailer, based in Singapore, filed for a US IPO six months ago.
- Shein’s 2023 net profit exceeded $2B despite challenges.
Fashion retailer’s adventure: will it be London or New York?
Online fashion retailer Shein finds itself at a crossroads when considering its public listing options.
Headquartered in Singapore, Shein has been contemplating a London listing instead of New York due to rising geopolitical tensions between the US and China.
Executive chairman Donald Tang declined to confirm the plans, stating that Shein wants to “explore all options.”
Tang acknowledged the company’s progress in changing the perception of being controlled by the Chinese government, but he admits it hasn’t been enough to sway US lawmakers’ minds.
Shein’s profit party, celebrating success among challenges
Shein initiated the IPO process six months ago, filing initial paperwork with the US Securities and Exchange Commission.
However, the company’s strong ties to China through its suppliers have raised concerns, especially as the US tightens its grip on China-linked companies, such as the potential ban on short-video app TikTok.
Despite the challenges, Shein reported a significant boost in net profit for 2023, exceeding US$2 billion, a substantial increase from the US$700 million recorded in 2022.
The company’s success amid geopolitical tensions highlights its resilience and adaptability in the fast-paced world of fashion e-commerce.
To read the original article: https://www.techinasia.com/shein-not-settled-on-london-listing-yet-chairman
