Shein reportedly looking to raise two billion dollars, sights on IPO

Chinese fast fashion retailer Shein is reportedly looking to raise around two billion dollars in a new funding round this month, just weeks after it set a substantial full-year revenue growth target of 58.5 billion dollars by 2025.

Six sources with knowledge on the matter told Reuters that the firm had cut its valuation to 64 billion dollars for the fundraising, down a third from its funding last year.

The potential investors are said to include wealth fund Mubadala and existing investors General Atlantic and Sequoia Capital China, three people noted.

The news comes on the back of reports that Shein was continuing to explore US IPO options, with Reuters also stating that the company had held initial talks with several investment banks on the matter last month.

All sources for the publication declined to be identified as the information was confidential.

Shein told Reuters that it did not currently have plans for an IPO and declined to comment further.

If the IPO does go ahead, it will be the second time Shein has attempted to list in the US, with its 2020 plan put to a halt due to unpredictable markets surrounding the relationship between the US and China, sources told Reuters.