Chinese fast-fashion firm Shein is expanding its presence in Singapore after making a Singapore-based business its de facto holding company, reports Reuters. According to a document, Chris Xu, Shein’s founder and CEO, has also been granted permanent residency of the south-east Asian city-state.
Shein, which Xu started in 2008 in Nanjing and has since grown into a global fashion marketplace, last year de-registered its main business, Nanjing Top Plus Information Technology Co Ltd, a Chinese corporate filing shows.
The developments are in line with what has previously been reported by Reuters, which are revived plans by Shein to list in New York this year and Xu looking at a change in citizenship to bypass tougher Chinese rules for offshore IPOs.
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