Shein debuts on Piper Sandler’s teen survey. Shutterstock.
Fast fashion e-commerce player, Shein, is said to be preparing for an IPO following its latest round of financing, which tipped the company’s valuation over 300 billion yuan ($46.8 billion), according to financial news WeChat accounts and Chinese business media.
Shein, beloved of Western teens and still relatively unknown in its home country of China, where it was founded in 2008, utilises big data and China’s highly-developed garment manufacturing capabilities to pump out products in record time and ship them cross-border to 220 countries.
Like other players in the highly competitive space, such as Fashion Nova and Boohoo, Shein taps its community of young female users and thousands of micro-influencers (with followings of between 1,000 and 100,000) to post images of themselves wearing Shein outfits with hashtags such as #SheinGal with the hope of being promoted via repost by the company’s account.
Earlier this month, Shein overtook Amazon as the most installed shopping app in the US and in 2020 its estimated revenue in 2020 was 63.5 billion yuan ($9.93 billion).