Asia Tech Wire (July 10) -- Chinese-founded online fast-fashion retail giant Shein has pledged to invest $271 million in Britain and Europe over five years as it prepares for a London IPO.

Singapore-based Shein said Tuesday it will invest 250 million euros ($271 million) in the U.K. and Europe over five years, including a 200 million euro revolving fund to invest in startups innovating with renewable materials.

Shein also said it has set aside 50 million euros for potential investment in research and development or pilot production facilities in Europe or the U.K., as well as to help brands and designers in the region access larger markets through Shein.

In addition, Shein has sourced some of its garments from Turkish factories.

Late last month, media outlets cited people familiar with the matter as saying that Shein secretly filed for a possible London listing in the UK.

If finalized, it could be the largest IPO in London in more than a decade.