Shein, a fast fashion retailer, confidentially submits an application for an initial public offering (IPO) in London.

• A source close to the matter revealed to CNBC that Shein, a prominent fast fashion brand, has privately submitted an application for an initial public offering in London.
• Late last year, Shein confidentially filed for a U.S. initial public offering, but the retailer has faced mounting backlash due to allegations of forced labor in its supply chain.
• CNBC reported that IPO experts stated that a U.S. offering was becoming less probable, and a London offering could potentially overcome some of the anticipated obstacles.

A source close to the matter revealed to CNBC that Shein, a prominent fast fashion brand, has privately submitted an application for an initial public offering in London.

As it sought to expand its global reach, Shein confidentially filed for a U.S. initial public offering late last year, marking another twist in the company's long road to a public markets debut, CNBC previously reported.

Despite facing criticism over allegations of forced labor and tax exemptions, Shein has applied for membership with the National Retail Federation but has been rejected multiple times.

CNBC reported that IPO experts stated that a U.S. offering was becoming less probable, and a London offering could potentially overcome some of the anticipated obstacles.

This story is developing. Please check back for updates.