- The fast-fashion brand improves its ESG in view of a public offer, Bloomberg reports.
sheinwas valued at $100 billion in April, according to Initiated.
Fast fashion brand Shein is once again seeking a public offering in the US – this time hoping to go public as soon as 2024.
Shein faced controversies over working conditions and the environment, but was valued at $100 billion in April.
The Chinese brand was previously looking for a US
Founded in 2008, Shein made a name for itself selling inexpensive clothing using a model on demand; it only mass-produces styles that become hits and adds thousands of items to the site daily.
The system has since come under fire as some of its manufacturers have been accused of “subjecting employees to unsafe conditions and 75-hour work weeks,” CNBC’s report said.
An internet conspiracy went viral in June when several TikTok users alleged Shein workers were attach calls for help to clothing. The claims garnered millions of video views despite the lack of evidence to support the theory.
Despite the criticism, Shein is still backed by big investors Sequoia Capital China, Tiger Global Management and IDG Capital. The company appears to be focused on ESG improvements as it prepares for a public offering, according to Bloomberg.