Unwrapping in 2025 – Eyebrow raising IPOs: From Shein’s controversy to Nordstrom’s private pursuit

The landscape of IPOs has twisted and turned over the last year as the market undergoes continued challenges. Yet, this landscape has seemingly not made the pursuit of a public listing any less appealing to those hoping to bolster their positioning. FashionUnited takes a look at what is on the horizon as the biggest stories of this year continue to unfold into 2025.

Shein’s controversial pursuit

Shein’s pursuit of an IPO, first in the US and then the UK, has ignited fierce debate from politicians, industry leaders and NGOs, alike. The Chinese fast fashion giant is still facing delays in officially launching the listing–reportedly set to be worth 6.6 billion dollars–on the London Stock Exchange, first filed in June, due to backlash from workers rights activists who raised concerns about allegations of forced labour and lack of transparency. The company is also believed to be hoping that a UK listing rule requiring at least 10 percent of its shares be sold to the public would be waived in order to help it push ahead.

In the latest development, a former French minister has now joined the team as an advisor to the fast fashion giant, sparking further debate among the country’s own industry, particularly in the backdrop of anti-fast fashion laws that have emerged in France.

Nordstrom’s move to private

Rumours of Nordstrom’s mission to go private have been circulating all year. However, it was only last week that such efforts were officially confirmed, after the retailer’s namesake founding family announced that the board of directors approved of their proposal to acquire its remaining shares. The deal, said to be valued at 6.25 billion dollars, is still subject to regulatory approval but, if approved, would see the Nordstroms return as majority shareholders, with a 50.1 percent stake. The remaining share would be held by Mexico’s El Puerto de Liverpool. The transaction is expected to close in the first half of 2025.

Puig’s waning interest

Spanish fashion and beauty group Puig launched its IPO in May to much fanfare. Yet, in the face of a challenging stock market environment, the company’s shares have since experienced poor performance. This, coupled with the delay of its takeover of British fashion brand Charlotte Tilbury, sent its shares on a downward trajectory, hitting an all time low of around 17.59 euros per share earlier this month, a significant drop on the 24.50 euros at which its shares were first listed.

To deflect, Puig described its relations with Charlotte Tilbury as an extension of an ongoing partnership. However, upon closer inspection, it became clear that it had actually only extended its takeover deadline with the brand to be between 2026 and 2031, thus pushing back the process. The news raised questions as to whether the company was able to meet one of the main objectives of its IPO: to use the net proceeds of the fundraising to acquire a further stake in the Tilbury brand. And thus, the future of the filing seemingly remains at a crossroads.

Kim Kardashian’s Skims on the verge

Reality star Kim Kardashian’s pursuit of a Skims IPO has remained largely on the backburner for this year. Alas, speculation surrounding the potential listing has remained. According to a prior report from The Information, in fact, 2025 has been cited as the targeted date for its launch, with the shapewear company believed to be in the stages of interviewing banks to lead the offering that could come as soon as the first half of the year. Since securing a four billion dollar valuation and notable funding round back in 2023, Skims has been marked as a one to watch for the IPO market, with such a proposed listing anticipated to be a sizable one.

Golden Goose backs down?

Despite what had seemed to be a confident pursuit of a Milan listing, with a two billion dollar valuation under its sleeve, Italian footwear brand Golden Goose postponed the launch of its IPO in June, citing European market volatility as the cause. While investors had been positive about the proposal, significant deterioration in market conditions following European Parliament elections had impacted the region’s performance, particularly for the luxury segment. The company is still being considered as an IPO candidate, however, having stated at the time that it would reassess its listing chances in due course.

Boots IPO shelved as sales process recommences

An IPO for British cosmetics giant Boots was shelved mid-2024 by the retailer’s parent company Walgreens, as it once again pivoted back to sales talks. A similar process had already been explored in 2023 as part of a wider transformation plan, which continued into the current year, evidenced by an overhaul in Boots’ retail network. Who was to buy Boots had remained largely under wraps, however, recent media reports have suggested that private equity firm Sycamore Partners could be leading the race. The proposed deal, according to The Wall Street Journal, could value Boots at around 10 billion dollars.