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Chinese fast fashion giant Shein refused a report stating that it has privately pointed for an initial public offering in the U.S.

July 4, 2023: On Friday, Chinese fast fashion oversized Shein rejected a report that said it has privately filed for an initial public offering in the U.S.

“Shein refutes these words,” a Shein voice stated, citing sources familiar with the matter, said the listing could happen before the end of the year.

Founded in 2012 by Chris Xu, the brand rose to global prominence for its budget-friendly and stylish apparel. Shein was recently valued at $64 billion.

But Shein, and Pinduoduo’s budget e-commerce app Temu, have been accused of exploiting trade loopholes to import goods into the U.S. without paying duties or creating shipments subject to human rights reviews, according to a report from a U.S. House committee.

Shein told in the previous week its policy is to “comply with the customs and substance laws of the countries in which we operate” and that it will continue to “make sense compliance a priority.”

Later it reported the listing could make Shein the most valuable Chinese business to go general in the U.S. since Didi Global.

In 2021, the ride-hailing colossus was listed on the New York stock exchange at a $68 billion valuation but de-listed less than six months later due to pressure and data security problems from Chinese regulators.

In May, U.S. lawmakers encouraged the SEC to crack down on Shein for allegedly selling clothes made by forced labor in Xinjiang, China.

“We have zero patience for forced labor,” a Shein spokesperson had told in May.

Shein recently hosted a gathering of influencers at its facilities in Guangzhou, China. While the influencers posted videos praising the company, dismissing allegations of forced labor, many observers criticized the creators for repeating “propaganda.”

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