On the heels of its reported IPO filing late last year, the fast-fashion company SHEIN amped up its lobbying in 2024 Q1.
The company's U.S.-based SHEIN Technology group spent over $1.4 million in lobbying during the first quarter of 2024, a notable increase from the approximately $970,000 it spent on lobbying for 2023 Q4. Based on Q1 2024 lobbying data, the company appears on its way to surpassing the approximately $3.1 million it spent lobbying for all four quarters of 2023.
"SHEIN's presence, operating footprint, and economic impact in the United States" are top issues reported in this quarter's lobbying filings. Validating its economic stronghold in the U.S. could aid the company in winning over lawmakers and obtaining an IPO.
While SHEIN made headlines last week for its labor practices, and CNBC reports that its attempts to join the National Retail Federation - the largest trade association for the retail industry - have repeatedly been denied, the $66 billion company continues to eye a U.S. IPO, per CNBC's report.
