Chinese online fashion and lifestyle store Shein is said to have raised $2 billion in new growth capital.
At least that is what sources tell Reuters news agency and the Wall Street Journal.
The valuation of the company would be a third lower than in the last round: 64 billion dollars.
Investors in this round include the government fund of the VEA Mubadala, General Atlantic and the Chinese arm of Sequoia Capital. Tiger Global Management enters this round as a new shareholder. Geographically, this is a mixed group. European VCs barely participate in these kinds of grand tours.
Shein was founded in 2008 and found its niche in the global market in the low-cost production and sale of clothing.
Earlier this week, Shein opened its European headquarters in Dublin.
The company plans to open 40 pop-up stores this year in the region that also includes the Middle East and Africa. These types of temporary stores are a central part of Shein’s strategy to be visible and tangible to consumers. The pop-up store in Dublin attracted four thousand visitors in five days last year.
Last year, the Chinese opened three new distribution centers in Europe and the Middle East, bringing the total to eight.
Photo: Dick Thomas Johnson (cc)