admin Photo: Presley Ann/Getty Images for SHEIN
Shein files for U.S. IPO
After much speculation, Shein has confidentially filed to go public in the U.S. The Chinese fast-fashion retailer, which was last valued at 66 billion dollars, could hit the public trading market as soon as early next year, reports CNBC‘s Gabrielle Fonrouge. According to those close to the filing, Shein has tapped a trio of powerful investment banks – Goldman Sachs, JPMorgan and Morgan Stanley – as the lead underwriters of the offering. The retailer continues to face accusations of forced labor. {CNBC}
Gucci employees strike over move from Rome to Milan
Over 50 Gucci design employees are striking in protest of plans to relocate a majority of its team from Rome. The move is set to include 153 of the 219 design employees, and would place them nearly 400 miles from the Italian capital, in Milan. The strike — the first taken by creative professionals in the company’s 102-year long history — comes in response to what many employees are claiming as “mass redundancy in disguise,” writes The Guardian’s Lorenzo Tondo. {The Guardian}
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