Chinese fast fashion e-commerce startup Shein is weighing a funding round at a valuation of about $100 billion, Bloomberg reported on Sunday, citing people familiar with the matter.
The online retailer is in talks with potential investors to raise about $1 billion, the report added. Such an amount could boost the company’s strategy to keep growing in the West: affordability plus fashionable styles, and Generation Z as its main target.
Shein’s plan to list in the United States was put on hold due to volatile capital markets amid Russia’s attack on Ukraine, according to sources.
Besides its huge success in the U.S., the company’s app was among the most downloaded shopping apps in Brazil, Mexico, Chile, and Colombia in 2021, according to EBANX’s study Beyond Borders 2021/2022. The Brazilian fintech also owns LABS.