Shein profits clear $2bn mark ahead of IPO
Should the company choose London it could become the London Stock Exchange's second-largest IPO in history, behind the 2011 stock market debut of Glencore International
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Shein has seen its profits double to over $2bn (£1.6bn) while it waits to launch its IPO in either London or New York, according to the Financial Times.
Furthermore, the company saw its sales jump to $45bn, becoming one of the most profitable fashion companies in the world.
Only Inditex, owner of Zara and Bershka, made more profit than the Chinese fast fashion business, seeing a profit of €6.9bn (£5.9bn).
The news comes after chancellor Jeremy Hunt held talks with Shein chairman Donald Tang in a bid to persuade the group to float in London instead of New York.
Should the company choose London it could become the London Stock Exchange’s second-largest IPO in history, behind the 2011 stock market debut of Glencore International.
Shein’s plan to go public on the US stock exchange was delayed after it applied for approval from a Chinese regulator. It is also set to face stricter-than-expected scrutiny from US regulators.
