that the company had no plans to go public.China's cyberspace administration and the offshore listing filing are still to be finalized by China's securities regulator but, if implemented, will make a U.S. listing process for Chinese firms more complicated and drawn out.
If Shein founder Xu was to be successful in applying for Singapore citizenship, such a move could potentially ease the path to an offshore IPO.Shein has been a fast fashion phenomenon and ships to over 150 countries and territories from its many global warehouses, and it is believed to have made around $15.7 billion in revenue in 2021, riding on the back of the shift to online during the pandemic. In 2020 its revenue was around $10 billion.
Expansion began in earnest in early 2012, when founder and CEO Chris Xu - an American-born graduate of Washington University - gave up his wedding dress business to acquire the domain Sheinside.com. Initially selling women’s clothing, in 2015 he renamed the company Shein, focused on overseas markets, and began acquiring domestic fashion rivals.
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