Shein to raise funding at $100b valuation in pre-IPO round

Shein, the Chinese ultra-fast fashion giant, is looking to raise roughly US$1 billion at a valuation of around US$100 billion, people with knowledge of the matter told Bloomberg.

The development comes nearly a year after Shein responded to media reports about its fundraising activities, pegging its valuation at several billion US dollars.

At the time, the company also said it didn’t have any plans for an initial public offering. However, it was reported in January that Shein is reviving its plans to list in the US in 2022.

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The sources added that talks between Shein and potential investors are still ongoing, and details such as the size of the funding round and valuation are still subject to change. Backed by investors such as Tiger Global and Sequoia, Shein started in 2008 by offering wedding dresses and selling them overseas. Since then, it has expanded to offer a broader range of women’s fashion items.