Fashion startup Shein raises $100 billion worth of funds

Bloomberg – Chinese fast fashion e-commerce startup Shein is pricing a funding round at a valuation of around $100 billion, according to people familiar with the matter.

The online retailer is in talks with potential investors, including General Atlantic, to raise about $1 billion, the people said, asking not to be identified because the information is private. Reaching the $100 billion mark would make it the world’s third most valuable startup, after ByteDance Ltd. and SpaceX, according to data provider CB Insights.

Shein responded last May to media reports about its fundraising and IPO, saying in a statement that it was valued at billions of dollars and had no plans for an initial public offering. short term.

Deliberations are ongoing and details such as fundraising size and valuation could still change, the sources said. Representatives for Shein did not immediately respond to requests for comment outside of normal business hours. A General Atlantic official declined to comment.

Shein has become a juggernaut thanks to a combination of supply chain savvy, data-driven apparel design, and tax loopholes in the US and China that were exposed during the war. commercial. Last year, it overtook Inc. in shopping app downloads on US stores.

Read more: Trump’s trade war created global fashion giant in China

The company has operations in Guangzhou, Singapore and Los Angeles, according to a recent press release. It offers over 600,000 items to customers in over 150 countries. The startup’s backers include Tiger Global Management, IDG, and Sequoia.

(Updates with investor in second paragraph and General Atlantic declining to comment in fourth paragraph.)

–With help from Shamim Adam and Gillian Tan.

© 2022 Bloomberg L.P.

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