Online fast-fashion retailer Shein is under pressure to cut its valuation to about $30 billion ahead of its London listing, Bloomberg News reported on Monday, citing people familiar with the matter.
Its shareholders are suggesting that an adjustment is required to help get the potential initial public offering in the UK over the line, Bloomberg News reported.
The company, founded by China-born entrepreneur Sky Xu, did not respond to a Reuters request for comment.
Earlier this month, Reuters reported that Shein was set to cut its valuation in a potential London listing to around $50 billion, nearly a quarter less than the company’s fundraising value of $66 billion in 2023, amid growing headwinds.
Last week, the Financial Times reported that the company’s plans to list in the UK stock market was likely to be postponed to the second-half of this year after U.S. President Donald Trump’s move to close so-called “de minimis” rules.
Shein was aiming to go public in London in the first-half of this year, assuming it secured approvals from regulators in the UK and China, Reuters reported.
