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Big Law

Fashion Company Shein Seeks US IPO

Chinese fast-fashion giant Shein hopes to do an initial public offering in the United States as soon as 2024, according to a report from Bloomberg, which cited people familiar with the matter.

Yet it faces environmental, social and governance, or ESG, concerns that could be an obstacle to an IPO, according to the report. Previously, Shein had sought a 2022 IPO in the U.S., according to Reuters.

Shein, which has a $100 billion valuation, has drawn scrutiny for its cheap product line that has been built on a fast and prolific production chain. A probe by Swiss watchdog group Public Eye said some of Shein’s manufacturers have been subjecting employees to dangerous conditions and 75-hour workweeks.

Read the source article at cnbc.com

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