Shein could make its decision on whether it launches its blockbuster IPO on the London Stock Exchange as soon as next week.
City sources said the fast fashion giant is close to deciding if it places its £71bn listing on the London market instead of in the US, This is Money reported.
It follows reports that Chancellor Jeremy Hunt met with Shein chairman Donald Tang last month to persuade him to commit to what would be one of London’s biggest corporate flotations.
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Shein is said to be seeking a valuation of up to £71bn, which would make it one of the top ten largest businesses on the FTSE100.
According to The Times, London is the likely frontrunner from a series of potential stock markets such as the US, Singapore and Hong Kong.
Shein, which began preparing for an IPO in the US last November, is understood to have concerns that its application for a listing will likely be turned down by the US Securities and Exchange Commission.
Back in January, Globaldata reported that Shein is set to overtake Zara during the next two or three years.
Data from the analytics company indicated the fast fashion giant brought in over £1.3bn in UK clothes sales in 2023.
Shein currently holds 2.2% of the UK’s £60.3bn clothes market while Zara sits at 2.4%.
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