Shein's Profits Soar to $2 Billion as IPO Looms

The fast-fashion retailer's record profits come amid plans for a U.S. stock market debut, raising concerns over sustainability and labor practices.

Shein's profits doubled in 2023, reaching over $2 billion, as the company eyes a U.S. IPO with a potential valuation between $80 billion and $90 billion.
The company's substantial growth is fueled by its appeal to Gen Z and millennial consumers, despite criticisms of its environmental and labor practices.
Shein spent nearly $2 million on lobbying in Washington in the past year, amidst scrutiny over its direct shipping model that avoids import taxes.
Concerns over working conditions and the company's supply chain sustainability have been highlighted, with calls for increased transparency and reforms.
Shein is considering London as an alternative IPO location if its U.S. listing faces regulatory hurdles.