Shein has filed to go public.

There Shein Goes

The Story

Shein has filed to go public.

Walk me through it.

In recent years, the fast-fashion company has won over tens of millions of customers with its cheap, on-trend clothing, including jeans and skirts as cheap as $10. Shein’s rise in popularity can also be credited to the #Sheinhaul videos on TikTok. The brand’s shoppers mostly include Gen Z and millennial women who are reportedly willing to dish out as much as $100 per month on clothing. Some love the company for its affordability. Others accuse it of everything from design theft to harming the environment to using forced labor. Shein attempted to restore its public image by inviting influencers to check out one of its factories in China. Now, it’s getting ready to hit the IPO circuit.

Why now?

It’s worth asking. Companies have steered clear of the IPO process in recent years, with many turned off by rising interest rates. Shein’s got cold feet before, too. But now, it’s ready to go against the trend, aiming for a public listing in the US next year. First: the company faces scrutiny from the US Securities and Exchange Commission — and Congress. Shein knows Congress is suspicious of its ties to China and moved to Singapore. Meanwhile, 16 attorneys general this year asked the SEC to make sure Shein isn’t using forced labor.

theSkimm

Shein’s valuation last year reached $100 billion — surpassing Zara and H&M combined. Earlier this year, that valuation was at $66 billion. In either case, if Shein is cleared to go public it could be one of the biggest IPOs in years — at a time when most other companies are steering clear.

Where the truce is still holding…

Israel and Gaza. Qatari officials say Israel and Hamas agreed to extend their truce until at least tomorrow. Yesterday, Hamas released 11 hostages, including 3-year-old twins. In exchange, Israel released 33 Palestinian prisoners, including three women. The news came as Elon Musk traveled to Israel after coming under fire for endorsing an antisemitic conspiracy theory on X. Musk toured a town attacked by Hamas on October 7th, held a conversation with Israel’s prime minister, and discussed the potential deployment of Starlink over Israel and Gaza. The visit came as advertisers have pulled their ads from the social media platform, potentially costing the company up to $75 million. 

Whose trial is just getting started…

Young Thug’s. Yesterday, the Grammy-winning rapper's trial for racketeering got underway. Born Jeffery Williams, he’s being accused of co-founding a violent street gang in Atlanta. Last year, Williams was arrested and charged with eight counts, including conspiring to break a federal law intended to combat organized crime. Prosecutors say that his record label, YSL, is actually a front for a gang connected to the national Bloods gang. They're also using his lyrics as evidence of the gang’s existence. Some co-defendants have already taken plea deals. Williams has pleaded not guilty to all charges. 

Who’s napping more…

Children. A recent study found that the use of melatonin for American children under the age of 14 is "exceedingly common.” About one in five children are given melatonin — a hormone produced in the brain that controls a person's sleep cycle — by parents to help them sleep. Earlier this year, the American Academy of Sleep Medicine issued a health advisory to parents against giving the supplement to children and encouraged them to seek out a doctor before doing so. 

Who’s on sick leave this week…

Stephen Colbert. Yesterday, the host of “The Late Show” announced he’s taking a week-long break from his show after recovering from a ruptured appendix. In a statement on Threads, Colbert joked, “Going forward, all emails to my appendix will be handled by my pancreas.”

Who’s loving the Q and A…

Kylie Jenner and Jennifer Lawrence. 

What it’s giving...

Tuesday.