According to an exclusive report from Reuters citing sources familiar with the matter, Shein had confidentially filed for an IPO in New York, expecting to list before the end of the year.

A spokesperson for Shein told Just Style it "denied these rumours".

Speculation of an IPO began earlier this year and in May, US lawmakers urged an investigation into Shein’s business model.

At the time members of Congress in a letter to chair of the US Securities and Exchange Commission (SEC), Gary Gensler said: “Shein’s growth is attributed to a business model that harvests vast amounts of consumer data using complex algorithms and manipulates an enormous supply chain across China to manufacture goods rapidly to meet consumer demand. Shein has come under heavy criticism for utilising underpaid labour in its supplier factories and violating human rights.”

But a spokesperson for Shein told Just Style: “Shein has no suppliers in the Xinjiang region. Our suppliers are based in regions including Brazil, Southern China, and Turkey. We take visibility across our entire supply chain seriously, and we are committed to respecting human rights and adhering to local laws in each market we operate in. Our suppliers must adhere to a strict code of conduct that is aligned to the International Labour Organization’s core conventions. We have zero tolerance for forced labour.”

Last week, Shein and peer fast-fashion site Temu were accused of leveraging an online shipment loophole in the US to evade forced labour checks.