The company maintains a low profile with no details disclosed about its business plans
Chinese fast-fashion online platform SheIn said it had no IPO plans and did not respond to the rumors of its USD 1 billion financing at a post-money valuation of USD 100 billion, according to media reports.
The media said that another potential investor besides General Atlantic intended to lead the round with USD 700 million. Existing investors like Tiger Global Management and Sequoia Capital China would also pour money into the deal, sources added.
Meanwhile, SheIn declined to comment on what it said were “market rumors.”
Concerning the company’s valuation, the reports said that the exact number may change, as the funding round has not been closed.
According to public information, SheIn has completed six financing rounds from 2013 to 2020, backed by big-name investors including JAFCO Asia, IDG Capital, Greenwoods Asset, Tiger Global Management, Sequoia Capital China and Shunwei Capital.
Currently, China has three unlisted new economy enterprises with a market cap of over USD 100 billion: ByteDance (Chinese: 字节跳动), Ant Group (Chinese:蚂蚁集团), and Alibaba Cloud (Chinese: 阿里云). If its latest funding round gets through, it will become the first Internet company from the retail sector to cross the USD 100 billion valuation mark.