Shein is looking to IPO at $90 billion valuation

Its last funding round in May it was valued at $66 billion. And its value since have dropped in secondary market. Why? • Competition - Temu is their huge competitor. They both have actually sued each other. Shein sued Temu for copyright infringement while Temu sued Shein for bullying tactics (not allowing clothing manufacturers to work with them) • Forced Labor - Shein also has been accused of using forced labor in their supply chain. Good points - net income forecast- $2.5 billion this year, despite competition - looking to expand beyond clothing - partnered with forever 21 Source - https://archive.ph/2023.11.07-040247/https://www.bloomberg.com/news/articles/2023-11-07/shein-targets-up-to-90-billion-valuation-in-us-ipo-sources-say