A Chinese fast fashion giant is closing in on a stock market listing in New York.
Shein – a staple for many British young women, with tops and dresses from £5 – has filed papers for an initial public offering (IPO), according to Reuters.
Goldman Sachs, JP Morgan Chase and Morgan Stanley have been hired as lead underwriters.
NYC float: Shein, which counts I’m A Celebrity star Georgia Toffolo (pictured), among its fans, has filed papers for an initial public offering, according to Reuters
It is thought the listing could value the firm at as much as £70billion in what would be a big test of investor appetite following a string of lacklustre stock market debuts.
In recent months, shares in German sandal-maker Birkenstock, grocery delivery app Instacart and British chip designer Arm Holdings dropped below their IPO prices after their US listings.
Shares in Arm – which chose New York over London in a major snub to the City – are now trading above that price.
Shein, which counts I’m A Celebrity star Georgia Toffolo, among its fans, was founded in China in 2012 but is based in Singapore.
It has faced criticism over its treatment of workers in China.