The Chinese E-commerce giant is about to disclose a funding round valued at more than $1 billion according to multiple industry insiders. The online retailer has agreed to funding from General Atlantic along with existing investor Tiger Global to raise about $1 billion which would take its overall evaluation to more than $100 billion only behind ByteDance Ltd. And SpaceX.
Shein has become a popular destination in the online clothing and accessories market as it has a robust supply-chain system and a data-driven clothing design automation. It surpassed amazon in daily sales last year to become the number 1 dealer online. It looks to ride on its recent successful adventures to raise funds for expansion. Shein, however, has no plans for an IPO offering anytime soon.
