Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hello reader,
A fashionista I am not, but I do enjoy a bit of clothing bargain hunting.
I was recently in Hoi An in central Vietnam with some friends and if you’ve ever been, you’ll know it’s the perfect place to restock your wardrobe. There are tailors on practically every corner of the town’s old quarter that do sterling work for affordable prices.
However, one member of our group did try to compare some of the prices we were offered in-person to similar options available online. That struck the rest of us as being a bit unfair on the vendors, as how are they supposed to compete with fashion giants that have economies of scale and myriad other advantages?
The vendors of Hoi An certainly don’t have a war chest like online fashion retailer Shein does. The China-founded firm’s 2022 financials were recently released and its eye-popping revenue growth likely augurs well for a potential IPO.
Today we look at:
- Shein’s solid financials as it eyes an IPO
- How Bybit became the world’s second-largest crypto exchange
- Other newsy highlights such as Indonesian rooftop solar rental firm Xurya raising US$55 million and flying taxi startup Aerofugia scoring a series B round.
Premium summary
Financials fit for an IPO?
Image credit: Timmy Loen
Ultra-fast fashion retailer Shein looks set to go public in London in the near future on the back of some solid financial results.
Roadget Business, the firm’s Singapore-incorporated entity, raked in US$21.6 billion in revenue in 2022, roughly 4x the previous year.
- Upwardly mobile: That revenue growth helped to translate to a net profit of US$634 million in 2022, up by over 3x from the year before. This put Roadget Business just ahead of fashion giant H&M in revenue. Notably, Shein expanded rapidly into Southeast Asia in 2022.
- Momentum: Shein’s 2023 financials have yet to be released, but the Financial Times previously reported that the firm’s profit topped US$2 billion for the year. Its gross merchandise value reportedly hit around US$45 billion in the same year.
- Change of direction: Shein has reportedly filed for an IPO in London, though the date of the listing is unclear. The China-founded company initially hoped to list in New York, but those plans were scuppered by trade tensions between the US and China.
Read more: Shein’s 2022 sales grow 4x ahead of IPO to close in on Zara
Number go up for Bybit
The future of tech is in the connections you make at Botanica+Co
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
