Bloomberg — Chinese fast fashion e-commerce startup Shein is weighing a funding round at a valuation of about $100 billion, according to people familiar with the matter.
General Atlantic and other potential investors are in negotiations with General Atlantic for a $1 billion investment, people who spoke on condition of anonymity because the details are confidential. CB Insights data provider CB Insights says that if the startup reaches the $100 billion mark, it would become the third most valued in the world after SpaceX Ltd. and ByteDance Ltd.
Shein replied to media inquiries about its fundraising last May and whether or not it would go public. Shein stated that the company was valued at several hundred billion dollars, and had no plans for an initial public offer in the near future.
The people stated that deliberations continue and details, such as how much money was raised and the value of it could change. Representatives for Shein didn’t immediately respond to requests for comment outside normal business hours. General Atlantic officials declined to comment.
Shein’s success is due to its combination of data-driven clothing design and supply-chain knowledge, as well as tax loopholes in China and the U.S. that emerged during the trade conflict. It surpassed Amazon.com Inc. last year in the number of downloaded shopping apps for U.S. shops.
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A recent press release stated that the company is present in Guangzhou as well as Singapore and Los Angeles. The company offers over 600,000 products to its customers in 150 different countries. The startup’s backers include Tiger Global Management, IDG and Sequoia.
(Updates in the second paragraph with an investor and General Atlantic refusing to comment in the fourth paragraph.
–With assistance from Shamim Adam and Gillian Tan.
© 2022 Bloomberg L.P.
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