According to Sky News, the British government, including Finance Minister Jeremy Hunt, has been in discussions with Shein's chairman, Donald Tang, to persuade the company to list on the London Stock Exchange. Should these efforts prevail, Shein's IPO could be one of the largest in London's history.

Established in 2008 and registered in Singapore, Shein has dominated the international fast fashion industry, targeting young consumers through social media.

Last valued at $66 billion and boasting over $23 billion in revenue, Shein was originally eyeing an IPO in New York, but concerns about US regulatory approval may have shifted its focus to London.

The company has come under fire for allegations of unethical practices, including labor exploitation and a lack of transparency in production, amidst broader critiques of promoting excessive consumption.

Additionally, Shein faces legal challenges, such as a recent lawsuit in the US by the Chinese-owned online retailer Temu, which has accused Shein of aggressive and unethical business strategies.