Fashion retailer Shein, originally founded in China but now headquartered in Singapore, has confidentially filed for a US IPO.
The company is working with Goldman Sachs and Morgan Stanley on the offering.
Shein is well-known for offering trendy clothing at extremely low prices, leading to its popularity and estimated sales surpassing those of Zara and H&M.
However, Shein has faced criticism for poor labor conditions, overproduction of poor quality garments, and the use of cotton from a Chinese region accused of forced labor.
Despite the criticism, Shein continues to gain popularity worldwide and has opened distribution centers in the US, Canada, and Europe to improve shipping times.
It is also expanding manufacturing in Brazil, Turkey, and India..
