Shein Upcoming IPO: Fast-fashion company plans London listing

While the IPO market continues to grapple with uncertainty, one of the larger private companies in the pipeline, Shein, is still making moves toward going public. Rather than listing in the U.S., however, Shein is trying to move forward with a potential IPO on the London Stock Exchange (LSE).

Most recently, in April 2025, Shein received the green light from U.K. regulator the Financial Conduct Authority (FCA) to list in London, but it still needs approval from Chinese regulators.¹ At the same time, Shein—along with rival Temu—has come under renewed scrutiny from the European Union for alleged violations of consumer protection laws, with regulators warning of potential fines if the companies fail to comply.²

The online fast-fashion company was founded in China but shifted its headquarters to Singapore in 2022 as part of trying to IPO in the U.S.³ However, Shein has faced regulatory challenges with trying to list in the U.S., even before this year's trade war. So, last year, Shein shifted its focus to going public in London, at least initially, with perhaps a secondary listing occurring in the U.S. market later on.⁴

For now, though, the company seems to be moving ahead in the U.K., although it still needs approval from Chinese authorities, given that much of the company's products are sourced from China.⁵

Complicating the matter, Shein will likely need to update its filing in the U.K. to reflect how tariffs in the U.S. will affect its overall business, given that these taxes could slow sales, increase costs, or have other material effects.⁶

Still, getting regulatory approval from the FCA is a major step toward a potential Shein IPO.

Shein: Company background

Shein originally began as a company based in China called ZZKKO in 2008, founded by Chris Xu, a reportedly very low-profile CEO and billionaire who also is known as Xu Yangtian or Sky Xu.⁷

In 2012, the fast-fashion retailer rebranded to SheInside after expanding into wedding dresses, and three years later it switched to its current name, Shein. Though there's often some confusion among customers, the pronunciation reflects this history, with the correct version being "She-in."⁹

In 2022, Shein moved its headquarters to Singapore by essentially making a company in Singapore — Roadget Business — take the role of Shein's holding company.¹⁰

Continuing its fast-fashion ascent

Shein has seen a rise in popularity in recent years, with the company offering ultra-low-cost clothes and other goods such as beauty and household items. The company has successfully partnered with social media influencers and helped drive trends on apps like TikTok, like showing off "Shein hauls," where people make videos about what they buy.

This online success has translated into real-world results, with Shein ranking as the fastest-growing major global apparel brand in 2024 and sitting as the third-largest in terms of overall market share — closing in on Nike and Adidas, while ranking ahead of others such as Zara and H&M. ¹¹

But while its 2023 profits hit over $2 billion, with a staggering gross merchandise value of around $45 billion, the company's financial performance has somewhat cooled more recently. In 2024, despite projecting $4.8 billion in net profit, Shein's net profit fell to $1 billion.¹³

While that's still a large amount, and the company has still been growing in some aspects, the net profit slump reflects issues such as competition from rival Temu.¹⁴ TikTok Shop has also been eating into Shein's market share.¹⁵

The ongoing trade war between the U.S. and China could also affect Shein's sales. The company's shipments have largely avoided tariffs due to the de minimis exemption, which normally exempts packages valued at $800 or less. However, this exemption is set to expire on May 2, which could limit the company's ability to sell products at the ultra-low price points it's become known for. ¹⁶

Also, the company is no stranger to controversy, such as regarding its environmental track record. In 2023, for example, the company almost doubled its carbon emissions, although the company says it will reach net-zero by 2050 at the latest.¹⁷ Meanwhile, though, critics say Shein contributes to a culture of waste and overconsumption.¹⁸ Shein has also faced scrutiny over its supply chain ethics, such as with the company announcing that it identified two cases of child labor in its supply chain last year.¹⁹

Shein stock price history

At this time, Shein's Forge Price™ is unavailable, due to limited data. Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Consider registering on Forge Markets to keep up with Shein's stock price if more data becomes available.

Shein funding history and private market valuation

Shein's funding history and private market valuation are somewhat limited, but it has raised some large rounds at lofty valuations.

In 2019, Shein reportedly raised $500 million from Sequoia Capital China and Tiger Global at a $5 billion valuation. The following year, it also reportedly raised an undisclosed amount that implied a valuation as high as $15 billion.²⁰

In 2022, Shein's valuation really soared, when it raised between $1 billion and $2 billion at a $100 billion valuation, which included investment from General Atlantic, along with further investment from Tiger Global Management and Sequoia Capital China.²¹

Shein brought in another major funding haul in 2023, raising $2 billion, with investors such as U.A.E. sovereign-wealth fund Mubadala joining in, along with Sequoia and General Atlantic. However, this Shein funding round cut the company's valuation by over one-third to $66 billion.²²

Now, in 2025, after the decline in profits, some investors are reportedly suggesting that Shein's valuation should be cut to $30 billion.²³ It also remains to be seen if Shein adjusts its valuation while adapting to tariffs and trying to complete its IPO approvals.

Looking ahead

Considering Shein has been a closely watched IPO candidate for several years, the fact that it filed in the U.K. and received regulatory approval from the FCA is a positive step. However, more work remains if the company is going to complete an IPO—not only does it need approval from Chinese regulators, but it must also resolve recent concerns raised by the European Union over consumer protection violations, which could impact its operations and reputation in key markets.²⁴

Check back here or take a look at Forge’s upcoming IPO calendar to stay in the loop about a possible Shein IPO and other pending public offerings.

If you’re interested in investing in private companies like Shein before they go public, read more about pre-IPO investing or register on Forge Markets today to get started.