With its IPO plan in limbo,Seventeen (2019) China-founded e-commerce brand Shein is being valued at $45 billion by some investors looking to sell shares in the firm on the private market, according to Bloomberg. The fast fashion giant raised $2 billion in its latest funding round last May, valuing the company at $66 billion. Shein is under review by China’s cyberspace administration due to it attempts to speed up a public listing in the US, Bloomberg reported last week. Meanwhile, the company faces resistance from American lawmakers who look set to ask US regulators to halt its IPO until claims about Shein’s alleged use of forced labor have been fully investigated. Scrutiny from both the US and China has further dented investors’ confidence in Shein’s long-awaited IPO, with the Bloomberg report quoting sources as saying that they are currently struggling to find buyers despite a relatively low valuation. [Bloomberg]
