AsianFin - Fast fashion giant Shein announced on Tuesday that it plans to invest €250 million (about $271 million) over the next five years in the Britain and the Europe.

This includes a €200 million circular fund to invest in startups innovating with renewable materials. Shein also earmarked €50 million for potential investments in research and pilot production facilities in Europe or the UK, aimed at helping regional brands and designers expand into larger markets through Shein.

Additionally, Shein disclosed purchasing apparel from factories in Turkey. Last month, reports citing insiders indicated Shein had confidentially submitted documents for a potential IPO in London. If successful, this could mark London's largest IPO in over a decade.