Shein, A Chinese Online Fashion Retailer Raises $100 Billion In Funding

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Chinese-owned fast fashion e-commerce startup Shein is weighing in on a funding round with a valuation of around $100 billion, business news website Bloomberg reported on Sunday.

If Shein’s valuation is accurate, it could be worth up to $100 billion, according to business experts over Bloomberg

In May last year in response to media inquiries about its fundraising efforts and potential IPO plans, Shein issued a statement saying it was valued at several billions of dollars and had no immediate plans to go public.

© Alamy Stock Photo

According to people familiar with the situation, the details including the amount to be raised and the price are still under discussion. Feedback requests made outside normal business hours remained unanswered.

Supply chain knowledge, data-driven apparel design and tax loopholes in China helped Shein become a juggler during the current trade war. App downloads at US retail outlets marked the first time Amazon.com Inc. left behind.

It has a product selection of over 600,000 items serving customers in over 150 countries. Tiger Global Management, IDG and Sequoia are among the investors in the company.

Shein app was blocked on June 29 last year in the interest of sovereignty of India and security of the state and in January this year, MeitY permanently blocked the app for public use. However, the company’s products can be purchased on Amazon and other e-commerce sites. The government had told the Delhi High Court that selling Sheen’s products on third party platforms is a completely different aspect and does not come under section 69A.

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IS NewsDesk
Stories curated by our interns and news crew. Originally reported or general compilation from various available sources and news agencies.

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