Shein, the Singapore-based fast fashion giant, is expected to confirm London as its listing destination for its upcoming initial public offering (IPO) in as little as a few days. This decision comes after the company accepted that approval for a US listing was unlikely due to scrutiny from US lawmakers over concerns about the use of Uyghur forced labor in its supply chain.

Shein had initially planned to go public in the US, aiming for a valuation of $80 billion to $90 billion. However, private trades in late 2023 valued the company much lower, at about $50 billion. The company confidentially filed for a US IPO on Monday, November 27, 2023, and is expected to go public sometime in 2024.

Despite the challenges faced in the US, Shein’s IPO could potentially be London’s largest-ever, providing investors with an opportunity to engage with the fast-growing fast-fashion sector. The company has reportedly told investors it is hoping for a valuation of as much as $90 billion if it goes ahead with the public listing.