Shein, the Chinese-founded fast fashion retailer, has confidentially filed to go public in the U.S., according to sources familiar with the matter. The move comes as Shein aims to expand its global presence with a long-anticipated initial public offering (IPO). The company, last valued at $66 billion, could commence trading on the public markets as early as 2024, marking a significant milestone in its rapid rise. However, Shein's valuation has been a subject of debate among the company and its advisors.

Known for its fashion-forward designs, vast assortment, and affordable prices, Shein has gained popularity among consumers worldwide. Yet, the brand has faced numerous challenges along the way, including allegations of labor violations, environmental harm, and design infringement. The company is currently under investigation by the House Select Committee on the Chinese Communist Party, and its ties to Beijing have raised concerns among lawmakers.

In response to these allegations, Marcelo Claure, Shein's newly appointed group vice chair and former SoftBank CEO, stated in an interview with CNBC that the company is cooperating with lawmakers and engaging in discussions to clarify its business practices. Claure emphasized that he had not witnessed any evidence of forced labor in the Shein factories he has visited. However, Shein has acknowledged instances of forced labor in its supply chain and is taking steps to rectify the situation.

Goldman Sachs, JPMorgan, and Morgan Stanley have been chosen as the lead underwriters for Shein's IPO, bringing their expertise to the high-profile offering. While Shein chose to withhold comments on the recent developments, the Chinese media has already reported on the company's confidential filing.

As this news unfolds, it remains to be seen how Shein's IPO will be impacted by ongoing controversies. With lawmakers and Republican attorneys general urging the U.S. Securities and Exchange Commission to ensure compliance with labor standards, the fast fashion giant faces increased scrutiny. Shein's journey towards becoming a publicly traded company will undoubtedly be closely watched by stakeholders in the fashion industry and beyond.