He said, "there's no such thing as forced labor" in the Shein factories that he has visited. In October, Marcelo Claure, the company's newly minted group vice chair and former SoftBank CEO, told CNBC in an interview that Shein is cooperating with lawmakers and taking time to meet with them to explain the business. Numerous lawmakers, including 16 Republican attorneys general, have called on the SEC to ensure Shein isn't using forced labor in its supply chain before it's allowed to start trading in the U.S. The company is currently under investigation by the newly formed House Select Committee on the Chinese Communist Party and has faced scrutiny over its ties to Beijing. But Shein has faced a series of challenges along the way and faced accusations of using forced labor in its supply chain, violating labor laws, harming the environment and stealing designs from independent artists. Shein has been on a meteoric rise over the past few years after it won over consumers across the globe with its fashion-forward designs, endless assortment and dirt-cheap prices. At that point, those communications with the SEC and any adjustments to its paperwork will be released as well. The filing will be made public once the company is ready to move forward with its IPO. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. Securities and Exchange Commission and make any necessary adjustments to their filings in private. IPOĪ confidential filing is common, as it allows companies to communicate with the U.S. Read more: Shein has to clear key hurdles before U.S. It is unclear how much the company is currently worth, but its valuation has been a central point of debate among Shein and the advisors it's working with, people familiar with the matter said. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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