Shein is stepping up its plans for a record-breaking £53bn float on the London Stock Exchange.
The Chinese fast-fashion giant retailer is reported to have picked London for a listing, after facing regulatory hurdles between China and the US, and pushback from American regulators.
The business plans to update China’s securities regulator on the change of its listing venue from New York to London and file with the London Stock Exchange as soon as this month, a source told Reuters.
Another Shein source said that while this timing was optimistic, the retailer wanted to complete a London float by the end of the year.
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Bankers at JP Morgan, Goldman Sachs and Morgan Stanley are said to be working on the high-profile IPO.
A London float will provide the City with a boost amid concerns that London is falling behind other exchanges, particularly in New York and Amsterdam, in attracting companies to list.
Back in April, Shein saw profits more than double to over $2bn (£1.6bn). The business posted sales of around $45bn last year, sources told the Financial Times.
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