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Shein, the Chinese online ultra-fast fashion giant, has reportedly registered for a US IPO that could value it at over US$60 billion, sources told Reuters. However, the company has denied these rumors and said it has no IPO plans.

According to the sources, the financial debut could come as early as before the end of 2023.

Shein’s IPO plans are likely to face hurdles and criticism from US lawmakers, regulators, and consumers over its reported labor practices, environmental impact, and tariff evasion.

Shein has been accused of using forced labor from China’s Xinjiang region. The firm has also been blamed for producing high emissions and exploiting the “de minimis” tariff exemption to avoid duties and import illegal items. Shein has rejected these accusations and said it follows ethical sourcing standards and customs and import laws.

It was reported earlier this year that Shein is looking to hit US$60 billion in revenue by 2025 ahead of a potential IPO. The number is almost triple the US$22.7 billion it logged in 2022.

Shein has also recently raised US$2 billion in a funding round that pegged its valuation at a marked down US$66 billion. The company was valued at US$100 billion in 2022.

See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants