By CHEN Qirui
Shein’s latest funding round has given the company a valuation of around US$100 billion (630 billion yuan), double the current market value of Uniqlo.
Shein is said to be in talks with General Atlantic to raise about $1 billion, and reportedly has another investor ready with US$700 million. Shein has already been through five funding rounds.
In January 2021, Reuters reported that Shein had plans to list in the US and had contacted Bank of America, Goldman Sachs and JP Morgan Chase. XU Yangtian, the founder of Shein, was said to have applied for Singaporean citizenship to accelerate the listing process. Shein replied that Xu was still a Chinese citizen and denied all rumors.
Shein is following up its success in North America, Europe and the Middle East, by leveling its sights on Southeast Asia and South America. Most of Shein's products are made in Guangdong province. Its intelligent production system means Shein’s main fast fashion products go from the factory floor to the stores in less than a week.
Shein plans to build a supply chain center in the Greater Bay Area with a total floor area of 3.3 million square meters.
