Financial Times claimed, citing sources, that Shein, the fast-fashion retailer headed for an IPO, is in discussions to raise US $1.5 billion to US $3 billion at a reduced value of US $64 billion.
The story also quoted a source who calculated Shein’s income for the previous year to be around $30 billion USD.
Shein previously informed the Financial Times that the publication’s story was false and that the business did not want to comment on speculative market activity.
The Chinese fashion behemoth allegedly raised $1 billion in April 2017 at a valuation of US $100 billion.
Temu, a product of Chinese e-commerce behemoth Pinduoduo, which has dazzled US consumers with low-priced techniques, is a rival in the US.
Shein has established a regional headquarters in Singapore and is utilising pop-up shops to draw customers from Southeast Asia.
