Fast fashion giant Shein993 Archivestargeting up to $90 billion in its upcoming US IPO, according to a Tuesday report by Bloomberg, despite the China-founded company’s recent valuation dropping to $50 billion in secondary market trading due to market concerns. The timing of Shein’s long-awaited IPO remains uncertain due to a dim economic outlook as well as copyright and forced labor disputes concerning the company. The report also noted that although it faces intensified competition with its Chinese counterpart Temu, Shein shows continuing profitability, expecting to reach $2.5 billion in net income this year, a figure 2.5 times that of 2019. [Bloomberg]
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