Could Shein be set to ditch New York for London ahead of bumper listing?
Shein, one of the world’s biggest online fast-fashion brands, is reportedly considering a float on the London Stock Exchange (LSE) in a glimmer of hope for the City amid a drought in listings.
Donald Tang, the Singapore-based firm’s chair, held talks with executives from the LSE and other UK stakeholders in London last week, according to Sky News city editor Mark Kleinman.
Sources told the outlet the meeting concerned a possible UK listing as the firm explored options for raising capital.
Last month the Wall Street Journal reported Shein had made a confidential filing with the US Securities and Exchange Commission regarding a potential New York float that could be among the largest in a decade.
Bankers and sources close to the company told Sky that a dual listing in both the UK and US was unlikely, with New York remaining the most likely IPO location.
Goldman Sachs, JP Morgan and Morgan Stanley are understood to be working for Shein on the deal.
Shein was founded in China in 2012 and has rapidly grown to operate in 150 countries.
Company accounts from September reportedly showed the firm had made more than £1bn-worth of sales within the first two years of operating in the UK.
The report followed figures from the City watchdog which showed the number of applications to list on the LSE has fallen to its lowest level in at least six years.
A wave of big domestic names have snubbed the LSE in favour of New York this year, including chip giant Arm, building materials firm CRH and gambling operator Flutter.
Shein and the London Stock Exchange Group did not immediately respond to a request for comment by Morning Wire