Shein, the Chinese fast-fashion company, raised between $1 billion and $2 billion in the funding round at a valuation of $100 billion, according to reports.
According to the Wall Street Journal, private-equity firm General Atlantic participated in the funding round, including prior Shein investors Tiger Global Management and Sequoia Capital China.
The $100 million valuation makes Shein worth more than H&M and Zara combined. Bloomberg first reported that the startup was in talks to raise funding at such a large valuation.
The online-only seller grew its market share significantly during the pandemic, surpassing H&M, Zara and Forever 21 to become the largest fast-fashion retailer in the U.S. by sales, according to a June 2021 report from Earnest Research. And according to app analytics firm Apptopia, Shein was the second most downloaded shopping app in the U.S. last year after Amazon.
Shein installs grew 68 percent year-over-year while Amazon saw a 2.4 percent decline.
Photo courtesy Shein
