Built-in-China online fashion company Shein has swept the world with its fast-to-market, hip designs. It now needs to show investors that its breakneck growth can convert into bigger profit, too.

Shein, now based in Singapore after moving its headquarters from China in 2021, has filed for an initial public offering in the U.S. that could take place next year. The company is probably looking for a valuation higher than the $66 billion implied by a fundraising round in May. That would put Shein’s market value comfortably above H&M’s $27 billion but below Zara’s parent Inditex’s $127 billion.