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Shein Faces Job Cuts in Singapore Amid London IPO Uncertainty
Shein announces job cuts at Singapore headquarters. Uncertainty looms over Shein's London IPO plans. Company faces challenges in redefining itself as a global business.
The company, known for its direct-from-China approach to selling affordable clothing internationally, confirmed the layoffs on Wednesday.
The decision comes as Shein grapples with uncertainties surrounding its planned London initial public offering (IPO). Previously considering a listing in New York, the company shifted its focus to London, but has faced challenges, including political scrutiny in the UK.
Shein, founded by Chinese entrepreneur Xu Yangtian, has grown in popularity in Western markets such as the United States thanks to its low-cost apparel. Despite its success, the company has struggled to establish itself as a global entity since moving its headquarters to Singapore from China.
Shein stated that the restructuring of its IT R&D centre is consistent with its strategy of global expansion, localisation efforts, and operational efficiency. The company remains committed to expanding its Singapore operations and is actively recruiting for a variety of roles.
Shein announces job cuts at Singapore headquarters
Uncertainty looms over Shein's London IPO plans
Company faces challenges in redefining itself as a global business
Source: SCMP