According to multiple media reports, Shein, a fast fashion e-commerce company headquartered in Singapore, has secretly planned to go public in the United States. The Wall Street Journal broke the news earlier Monday. Earlier this year, Shein raised $2 billion at a $66 billion valuation, but is expected to have a listing valuation of as high as $90 billion.
According to previous reports, this online fashion upstart, which has disrupted an industry dominated by companies such as Zara and H&M, reached a higher valuation of US$100 billion in April 2022.
Founded in China more than a decade ago, Shein pioneered the use of data analytics to predict customer demand and produce clothing in small batches to reduce inventory costs. While it has gained recognition for its innovation in its asset-light e-commerce model, it faces growing challenges, including copyright infringement lawsuits, criticism from environmentalists and competition from Temu, an emerging online bazaar run by China's PDD.