Shein shareholders pushing for valuation cut - report

(Sharecast News) - Fast-fashion retailer Shein is reportedly under pressure from shareholders to cut its valuation to about $30bn to help get its controversial planned London listing over the line.

The listing, already moved to the UK from the US, has seen questions raised over supply-chain operations and labour practices. Shareholders feel an adjustment is needed, Bloomberg reported, citing unnamed sources familiar with the matter.

Founded in China but now based in Singapore, Shein became one of the world's most valuable startups thanks to its high-volume, low-cost fashion. Its investors include IDG Capital, Mubadala Investment Co., Tiger Global Management and HongShan Capital, formerly known as Sequoia Capital China.

Reporting by Frank Prenesti for Sharecast.com