Fast fashion giant Shein secretly files for IPO in the US, with a valuation estimated to reach $66 billion.

Zhitong App has learned from an insider that Shein, the fast-fashion retail giant, has secretly submitted its initial public offering (IPO) application to US regulatory agencies and may go public next year. This could be one of the largest IPOs in years. The insider revealed that Goldman Sachs, JPMorgan, and Morgan Stanley have been hired as the lead underwriters for this offering.

Shein has gained popularity by offering fashionable clothing at extremely low prices. Earlier this month, it was reported that the company was aiming for a valuation of up to $90 billion in its US IPO. However, the insider stated on Monday that the latest valuation for the retailer is $66 billion. The current market value of the company is still unclear. But the insider mentioned that the valuation has been a point of contention between Shein and its advisors.

As a digitally native retailer, Shein has rapidly risen in the past few years, winning over global consumers with its trendy designs, vast variety, and incredibly low prices. However, the company faces a series of challenges along the way. It is estimated that Shein's sales in the fast-fashion market in the US far exceed those of Zara and H&M. Last year, Shein opened distribution centers in the US, Canada, and Europe to expedite shipping in these regions. The company has also started expanding production in Brazil, Turkey, and India.