China-based fast-fashion seller is now worth more than H&M and Zara combined
Chinese online fast fashion retailer SHEIN was reported to file for an initial public offering in the United States as soon as 2024, according to people familiar with the matter.
Previously, the Chinese brand sought a US IPO in 2022, but faced obstacles concerning environmental, social, and governance (ESG) issues, according to CNBC.
Founded in 2008 and headquartered in Jiangsu, China, Shein is an international B2C fast fashion e-commerce platform with businesses in more than 220 countries and regions around the world.
The online marketplace that engages in women's apparel acquired CNY 1.5 billion in Series F in April this year, with a valuation of USD 100 billion.
It has spooned six rounds of financing since its inception previously, with Tiger Global, IDG and Sequoia being its existing investors.
Current players in the fash-fashion industry include Zaful, Zara, H&M and ASOS.