Grace Priscilla Teo · · 1 min readShein raises $2b, valuation drops to $66b amid concerns: report
Photo credit: Melissa Goh / Tech in Asia
Online fashion retailer Shein has raised US$2 billion in a funding round, valuing the company at US$66 billion, according to a Wall Street Journal report.
This is a significant decrease from its US$100 billion valuation a year ago. The firm’s reduced valuation is attributed to the general decline in tech shares as well as the mounting pressure surrounding Shein’s labor and environmental practices.
Sequoia Capital, General Atlantic, and Mubadala – a sovereign wealth fund from the United Arab Emirates – are believed to be the investors leading this round.
Last month, the US-China Economic and Security Review Commission urged the US Congress to tighten the clamps on Shein and Temu due to alleged violations of the country’s regulations.
See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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