economy
Fast-fashion giant Shein aims for $27bn valuation in Hong Kong market debut
Known for selling cheap clothing, the online retailer has seen its value drop sharply from earlier estimates amid scrutiny over its environmental footprint
TL;DR
- Shein will list on the Hong Kong stock exchange on September 1st, with a valuation close to $27 billion.
- The company aims to raise up to HK$13.86bn ($1.77bn) in its IPO.
- Funds raised will be used to finance technological capabilities and boost international presence.
- Shein's valuation has dropped significantly from a peak of nearly $100bn four years ago.
- The company faced regulatory hurdles for listings in New York and London.
- Shein moved its headquarters to Singapore between 2021 and 2022.
- The retailer has faced criticism regarding supplier working conditions, environmental costs, and product safety.
- Shein has been fined in France and Italy for various issues, including product traceability and misleading environmental claims.