According to a Wall Street Journal report, online fashion retailer Shein has raised US $2 billion in a funding round, valuing the business at US $66 billion.
Compared to a year ago, when it was valued at US $100 billion, this is a significant decrease. The company’s decreased valuation is a result of both the general decline in tech shares and the growing controversy over Shein’s labor and environmental policies.
The investors thought to be leading this round are Sequoia Capital, General Atlantic, and Mubadala, a sovereign wealth fund from the United Arab Emirates.
Due to alleged violations of national laws, the US-China Economic and Security Review Commission urged the US Congress to tighten the screws on Shein and Temu last month.
