Shein eyes a valuation of $90 billion|Dick Thomas Johnson|CC BY 2.0

Chinese fast-fashion giant Shein has confidentially filed papers for an initial public offering (IPO) in the US.

The Singapore-based retailer aims for a valuation of up to $90 billion; it was recently valued at $66 billion.

Teaming up with Goldman Sachs, JPMorgan Chase, and Morgan Stanley, the online retailer pursues its public listing, joining the ranks of top China-founded firms listing in New York.

Despite criticism over labor conditions and allegations that it steals designs, Shein maintains its popularity fueled by its low-priced trendy apparel. Its sales now outpace Zara and H&M in the US market.