Shein was the world’s third most valuable startup in 2022.
Shein is touting its hopes for a valuation of as much as $90 billion as it lays the groundwork for an eventual US initial public offering, a level that far exceeds how the fast-fashion giant is valued in private trades, according to people familiar with the matter.
Shein was the world’s third most valuable startup in 2022, when a funding round valued the company at $100 billion. Its valuation has since dropped along with other startups and technology companies as investors grew wary toward risk assets amid uncertain economic outlook and higher interest rates. Valuation of ByteDance, the parent of short-video hit TikTok, fell to below $300 billion in secondary market in July, down at least 25% from last year, Bloomberg News has reported.
Challenges ahead Shein pioneered ultra-fast fashion, selling new and stylish items such as shirts and swimsuits for as little as $2 each. Its direct-to-consumer e-commerce sales took off in the US during Covid, and the company quickly became one of the most downloaded shopping apps in the country, targeting teens and young women.Founded in China more than a decade ago, Shein recently moved its headquarters to Singapore and has worked to distance itself from its country of origin.
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