Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws. The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.3bn last year from $1.5bn in 2023 after an increase in selling and marketing costs, according to new accounts. Shein is thought to be trying to list on the Hong Kong stock exchange after efforts to list…
Tag: IPOs
Shein looks at moving back to China for Hong Kong listing after London IPO stalls
The online fashion retailer Shein is understood to be considering moving its base back to China from Singapore to pave the way for a Hong Kong listing. The business, which was founded in China and moved its headquarters to Singapore in 2022, had been considering a £50bn float in London after failing to win approval from regulators in the US for a New York flotation. However, Chinese authorities have not given the nod to a UK listing and the fast-fashion group has faced questions about conditions in its supply chain…
Shein turns to Hong Kong for flotation as London attempt stalls, reports say
Shein is reportedly aiming to list on the Hong Kong stock exchange as the online fast-fashion retailer struggles to gain the go-ahead from Chinese regulators for a flotation in London. The company, which was founded in China where the majority of its suppliers are based but now has its headquarters in Singapore, is aiming to file a draft prospectus with Hong Kong’s stock exchange in the coming weeks, according to Reuters. It said Shein plans to go public in the Asian financial hub this year, which would scotch hopes of…