Shein has enlisted more banks to help it line up its potential initial public offering in London.
Barclays Plc and UBS Group AG have been appointed as bookrunners for the upcoming flotation on the London Stock Exchange, Bloomberg reported.
The fast fashion giant has been working with the likes of Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley on its preparations.
Sources said that a listing could take place as soon as early next year, but warned that deliberations are ongoing and details of the floatation could still change.
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The news comes as Shein has been holding informal European roadshows in recent weeks to address questions from key investors.
The possible IPO, which is estimated to value the retailer at around £50bn, has received steep criticism from industry leaders, who are concerned over the retailer’s use of a legal tax loophole for overseas shipments that have given the company an unfair advantage.
Concerns have also been raised over Shein’s labour practices. Prime minister Sir Keir Starmer said on Monday that all companies looking to sell shares in London will face scrutiny over workers’ rights.
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