CNBC reports:
China-founded e-commerce company Shein’s hopes of going public in the United States are growing slimmer by the day, according to experts, as rising tensions between Beijing and the U.S. roil business and trade.
The company, last valued at $66 billion, confidentially filed to go public in the U.S. in November. Since then, it has faced resistance as it tries to join the American retail sphere, including through numerous rejected attempts to become a member of the National Retail Federation, the industry’s largest trade association, CNBC previously reported.
The e-commerce upstart filed to go public while becoming a household name in the U.S. by offering low prices and a facility to offer new styles quickly. The company is poised to take major market share from U.S. retailers, particularly Gap, TJX Companies and Macy’s, according to UBS data from last year, and continues to challenge Target, Walmart and Amazon…
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