Chinese fast fashion e-commerce company Shein is preparing for an IPO according to reports from Investment Community 投资界. In Shein’s latest round of financing, its valuation exceeded 300 billion RMB ($46.8 billion).
Despite being founded in Nanjing in 2008, Shein doesn’t have a big e-commerce presence in China and has focussed on overseas markets. It has developed a successful cross-border strategy and ships to 220 countries, including Europe, the Middle East and Australia.
The US is Shein’s largest market and the brand overtook Amazon there to become the most installed shopping app. Despite the impact of the pandemic, Shein reported a revenue of 63.5 billion RMB in 2020, continuing a trend of steady growth.
Shein is especially popular among Gen-Z consumers due to cheap items which replicate high-end looks and its engaged online community.