Shein, the IPO-bound fast-fashion retailer, is in talks to raise US$1.5 billion to US$3 billion at a marked-down valuation of US$64 billion, Financial Times reported, citing sources.
Existing investors, including Abu Dhabi-based Mubadala, Sequoia China, and General Atlantic, are likely to participate in the round.
The report also cited a source who estimated that Shein made about US$30 billion in revenue last year.
When Tech in Asia reached out to Shein, the company replied: “We have nothing further to add to the response that we had given FT.”
Shein earlier told Financial Times that its report was inaccurate and that the company didn’t want to comment on market speculation.
The China-based fashion giant had reportedly raised US$1 billion last April at a US$100 billion valuation.
In the US, it’s also facing competition from Temu, a product of Chinese ecommerce giant Pinduoduo that has been dazzling US consumers with low-priced strategies.
In Southeast Asia, Shein has recently put a headquarter in Singapore and turned to pop-up stores to attract consumers in the region.
See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants
Editing by Thu Huong Le and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
