Chinese fast fashion firm Shein has filed initial paperwork taking it a step closer to listing on the London Stock Exchange, the BBC understands.
The online retail giant, which is based in Singapore but has extensive operations in China, filed the confidential papers with UK regulators recently, according to sources close to the process.
Shein became one of the biggest fashion retailers in the world during the pandemic, but has faced criticism over the environmental impact of its business model.
The firm has also come under fire for some of its working practices, which include allegations of forced labour in its supply chain – something the company denies.
Both Shein and the UK regulator, the Financial Conduct Authority (FCA), declined to comment on a potential London listing, which could value the company at about £50bn.
US warning to UK

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A company wishing to sell its shares in the UK must first apply to the FCA for a prospectus containing detailed financial information to be approved.
The filing of papers is the first stage of that process and brings the company a step closer to a listing in the UK – selling shares in the business on the London Stock Exchange – but doesn't necessarily mean it will end up listing there.
In fact, it was initially thought that a listing in the US was the most likely route for Shein after the firm filed papers there late last year, but the move came under close scrutiny from both Republican and Democrat politicians amid concerns about the company’s close links to China.
Earlier in June, Marco Rubio, a leading Republican on the US Senate Intelligence Committee, and an ally of Donald Trump, wrote to UK Chancellor Jeremy Hunt warning him about "grave ethics concerns" and Shein’s "deep ties to the People’s Republic of China".
“Slave labor, sweat shops, and trade tricks are the dirty secrets behind SHEIN’s success,” Mr Rubio wrote in his letter to Mr Hunt.
“The United Kingdom has a storied tradition of abolitionism, from Wilberforce and Cowper to the Modern Slavery Act in our day. I trust you will treat these allegations against SHEIN with the utmost seriousness, investigate them fully, and take appropriate action to protect investors,” he added.
A spokesperson for the company said: "SHEIN has a zero-tolerance policy for forced labour and we are committed to respecting human rights. We take visibility across our entire supply chain seriously and we require our contract manufacturers to only source cotton from approved regions."