Chinese fast fashion giant Shein has been valued at more than $100bn in its new fundraising round, surpassing the market capitalisation of Inditex and H&M combined.
Shein has reached its latest valuation after raising between $1bn and $2bn from investors including General Atlantic, Tiger Global Management and Sequoia Capital China.
The latest fundraising, which was first reported by The Wall Street Journal, doubles its $50bn valuation in early 2021, and outstrips the combined valuations of international high street fashion titans H&M and Zara, which are valued at $20bn and $68bn respectively.
Shein was previously understood to be considering a New York stock market listing, and is said to be working with three Wall Street banks.
However, increased scrutiny by Beijing on overseas listings of Chinese technology firms, combined with volatile financial markets following Russia’s invasion of Ukraine, is understood to have poured cold water on an IPO in the immediate future.
A company spokesperson told Reuters earlier in the week that it had no plans for a stock market listing.
Shein was founded in 2008 and has rapidly risen in popularity among young western shoppers, thanks in part to its use of social media, rapid turnaround on new fashion trends and low prices.
The retail giant is the biggest fast-fashion retailer in the US and produces 600,000 new clothing items per day.
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