Clothes at the Shein headquarters in Singapore on June 19, 2023.
Ore Huiying | Bloomberg | Getty Images
China’s powerful internet regulator is conducting a security review of Shein as the fast-fashion giant gears up for its highly anticipated U.S. initial public offering, CNBC has learned.
The Cyberspace Administration of China is reviewing Shein’s supply chain presence in the country, where the bulk of its manufacturers and suppliers are located, a person familiar with the matter told CNBC.
The review focuses on how Shein handles information about its employees, partners and suppliers in the region, The Wall Street Journal reported. The CAC is also examining whether Shein can ensure that data doesn’t get leaked overseas, according to the Journal.
CNBC reached out to the Cyberspace Administration of China and Shein, but has yet to hear back.
The review poses several issues for Shein, as it takes steps toward an IPO after it confidentially filed to go public in the U.S. in November,…
2024-01-17 23:58:23
Source from www.cnbc.com