Fast fashion giant Shein said to file for U.S. IPO

Details: Goldman Sachs, JPMorgan and Morgan Stanley were hired as lead underwriters for the offering, the WSJ reported.

Zoom in: The retailer has mastered the formula of copying popular fashions, then producing them in a matter of days and selling them cheaply.

• Shein's growth soared during the pandemic, when shoppers went online and ordered from the vast amount of clothing items it offers.

Yes, but: Shein's environmental and labor practices have been under the microscope. The company, founded in China, has been seen as a poster child for bad actors in fast fashion.

By the numbers: The online retailer hit $23 billion in revenue globally and $800 million in net profit last year, Axios previously reported.

• The company is among the largest producers of apparel in the world, alongside LVMH, Nike, Adidas, Richemont and Kering.
• Shein is often grouped along with fast-fashion retailers such as Zara, H&M, Uniqlo and Forever 21.

💬 Thought bubble: A U.S. listing could bring Shein market legitimacy and insulate it from the bad apple scrutiny that's loomed over the company.

Of note: Electric vehicle maker Rivian had a valuation of around $66 billion when it listed on the NYSE in 2021, raising $11.9 billion — the seventh largest U.S. IPO of all time, according to Renaissance Capital.

Shein declined to comment on its IPO plans.

Editors note: This article was updated to add further background and details about the company, and to add the Renaissance Capital ranking.