Known for its T-shirts at 4.99 euros and its dresses for less than 15 euros, the Chinese ready-to-wear colossus Shein is preparing its IPO on Wall Street. The online “ultra fast fashion” specialist is aiming for a valuation of $80 to 90 billion (€74 to 84 billion), reports Bloomberg, citing close sources. The company, headquartered in Singapore, has not yet announced a timetable for its listing, nor a valuation target, due to market volatility.
In addition, no final decision has been made, specifies the press agency. A representative for Shein declined to comment.
Falling valuation
It remains to be seen whether Shein can achieve its listing targets. In private transactions, its valuation fell below $66 billion during its last funding round, of $2 billion, made last May.
Shein was still the third most valuable startup in the world in May 2022, when a funding round valued the company at $100 billion. Its valuation has since fallen along with those of other technology start-ups, in an uncertain economic context and higher interest rates, where investors are wary of risky assets
A decline which is undoubtedly also explained by a certain reluctance of investors while Shein is accused of using forced labor and plagiarism by the media and NGOs.
2023-11-07 11:43:08
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