Shein in Talks to Raise up to $3 Billion at a Valuation of $64 Billion

Shein is a Chinese online fast fashion and lifestyle retailer. It ships products to more than 150 countries, mainly focusing on Europe, America, Australia, and the Middle East.

The online retailer is seeking to close a new fundraising round of $1.5 billion – $3 billion from existing investors including Abu Dhabi sovereign wealth fund Mubadala, venture capital group Sequoia China and private equity group General Atlantic

Shein, headquartered in Singapore, was founded by entrepreneur and search engine optimization marketing specialist Chris Xu in 2008. In May of 2021, Shein became the most downloaded shopping app on iOS and Android in the United States, with Amazon coming in second. Relatively low prices and discounts applied to the next shopping trip stimulate user growth. Such items of stylish clothing as $10 dresses and $5 tops help draw millions of visitors to its website each month.

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