The Chinese fast-fashion giant Shein has taken a significant step towards expanding its global footprint by confidentially filing for an initial public offering (IPO) in the United States. Sources familiar with the matter indicate that the company, which was last valued at $66 billion, is aiming for a public market debut as early as 2024.

Shein, known for its rapid growth in the fast-fashion sector, has engaged leading financial institutions Goldman Sachs, JP Morgan, and Morgan Stanley as the primary underwriters for its offering. This move aligns with the company's strategy to solidify its position in the competitive global fashion market.

While the exact valuation of Shein in the upcoming IPO is still under discussion, the company's growth trajectory and market impact are undeniable. The fashion retailer has gained significant traction, particularly among younger consumers, due to its affordable pricing and trendy designs.

The decision to file for an IPO marks a milestone for Shein, positioning it to become one of the most valuable China-founded companies to go public in the U.S. since Didi Global's debut in 2021, which had a valuation of $68 billion. This development comes amid increasing popularity for fast-fashion brands in the U.S., with Shein leading the charge.

Shein's expansion efforts have included strategic partnerships, such as teaming up with SPARC Group, a joint venture involving Forever 21 owner Authentic Brands and mall operator Simon Property. These collaborations are part of Shein's broader plan to enhance its market reach and solidify its presence in the fashion industry.

As the company moves closer to its IPO, there is heightened anticipation in the market about its potential impact. Shein's entry into the public market could signal a new phase of growth and competition in the fast-fashion sector, especially in the U.S. market.

Representatives from Shein have not yet responded to requests for comments on the IPO filing. Similarly, Goldman Sachs and JP Morgan have remained silent on the matter, while Morgan Stanley has not immediately returned a request for comment.

The move by Shein to go public is a clear indicator of the dynamic and rapidly evolving landscape of the global fashion industry, where digital platforms and e-commerce are playing increasingly pivotal roles. As Shein prepares to transition from a private to a publicly-traded company, industry watchers and investors are keenly observing how this will reshape the competitive dynamics of the fast-fashion market.