Late last year there was big news about Sheehan, the fashion company founded in China that's

known for trendy looks and dirt cheap prices. But it wasn't a

flash sale or a new line of clothes. Fashion retailer Sheehan is considering an

IPO after a meteoric rise.

The brand's sales exploded during the pandemic,

growing sixfold in two years.

The retailer was last valued at $66 billion

and could be ready to start trading on the public markets as soon as 2024.

For our colleague Shen Liu, this was an exciting moment.

And we were like, oh, this is one of the biggest IPOs that we could have in years.

The bankers and lawyers were thinking that an IPO could come as early as June, which is now. But Shee'an's big debut on a US stock exchange looks like it's not

going to happen. What is it that got in the way? What is it that made it so hard?

Sheehan has run into US-China geopolitical tensions as it's trying to go public. It has tried its best, but still it's facing so much

suspicion. I certainly didn't expect its IPO quest to be so turbulent and so difficult.

Welcome to the journal, our show about money, business and power. I'm Ryan Knutzen. It's Monday, June 10th.

Coming up on the show, how one of the biggest US IPOs in years got derailed. This episode is brought to you by Shopify.

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