Shein said to be on track to raise $2B
Shein, the Chinese fast-fashion retailer, is close to raising $2 billion in new funding this month at a $64 billion valuation, with a U.S. IPO potentially slated for later this year, Reuters reports, citing sources.
Why it matters: The revised value of the company is quite a few steps down from the $100 billion it was pegged at less than a year ago when it raised $1 billion.
What they're saying: Shein did not respond to Axios' request for comment.
- It told Reuters, however, that it was not currently planning an IPO while declining to comment further.
Details: Investors in this round include United Arab Emirates sovereign wealth fund Mubadala, as well as existing investors General Atlantic, Tiger Global Management and Sequoia Capital China.
The intrigue: Given Shein's somewhat secretive nature, questions around its climate impact, and the historically low margins for selling inexpensive clothing items, will it be able to hold up to scrutiny as a publicly traded entity?