Shein secures two billion dollar raise, cuts valuation by third
Fast fashion giant Shein has reportedly raised two billion dollars in its latest round of funding, placing its valuation at 66 billion dollars.
The new figure, reported by The Wall Street Journal, is a third off the 100 billion dollars that Shein was initially valued at last year, and comes despite the retailer raking in around 23 billion dollars in revenue in 2022.
The raise is seemingly unfettered by the continued scrutiny the Chinese company has been placed under, both for its lacklustre environmental practices and its heavily reported workers rights allegations.
In a bid to improve its identity on an international scale, the firm has been setting up shop outside of China, most recently opening a headquarters in Dublin where the core of its EMEA operations will be.
The news also runs alongside reports that Shein has set its sights on re-entering India, a market it had been banned from over two years ago.
Through a strategic partnership with Reliance Retail, Shein will now have access to the Indian firm’s sourcing capabilities and logistics infrastructure, according to media reports, along with the group’s network of online and offline stores.
The company has also faced a challenge from the rapid growth of competitor Temu, which has sprung up in recent months and offers a similarly affordable alternative to Shein, despite also being a firm originating from China.