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July 15, Beijing (TMTPost) – Chinese fast fashion giant SHEIN is reportedly planning to launch its IPO in the United States in 2024.

It is reported that the company is valued at around US$100 billion.

SHEIN is a Chinese online fast fashion retailer. Founded in 2008 by Chris Xu in Nanjing, China, the company is known for its affordably priced apparel. The company mainly focuses on overseas markets and is not very active in the Chinese market. SHEIN has its own independent website and mobile application. It is considered a Chinese ZARA that focuses on e-commerce sales.

The company started to gain traction and grow at a rocket speed since 2015. Its sales volume reached one billion yuan in 2016. The company was able to achieve a sales volume of three billion yuan, eight billion yuan and 16 billion yuan in 2017, 2018 and 2019 respectively. In 2020, its market valuation hit 300 billion yuan despite the impact from the Covid-19 pandemic.

Besides its sales volume, SHEIN also achieved amazing results in other areas. The brand’s mobile application accumulated over 150 million downloads and boasts over 70 million active users with high user loyalty. As of May 6, 2021, videos with the SHEIN hashtag accumulated over 7.4 billion views. On Facebook, the brand has 22 million followers. SHEIN’s Instagram also has over 19.55 million fans. SHEIN’s mobile application surpassed Amazon on Apple’s App Store in North America on May 17, 2021, becoming the most-downloaded shopping mobile application of the day.

It is reported that SHEIN is planning to raise another round of financing that is at least at US$1 billion. Investors might include General Atlantic, Sequoia China and Tiger Global. SHEIN has completed five rounds of financing, according to information on enterprise record platform Tianyancha.