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Fast fashion retailer Shein is set to raise £1.6bn in new funding ahead of a potential IPO in the United States, Reuters has reported.
Among the biggest investors in the offering there is the United Arab Emirates’ sovereign wealth fund Mubadala, private equity firm General Atlantic and venture capital group Sequoia Capital China.
Reuters also reported that investment firm Tiger Global Management has become a new investor.
It is understood that this year Shein cut its valuation to $64bn (£53bn) in this fundraising, down by a third from a funding round a year ago. Therefore, investors who participated in SHEIN’s 2022 fundraising will adjust the value of the stakes they bought earlier to reflect the company’s current valuation.
If Shein’s flotation is successful, it will become one of the largest worldwide this year, Reuters reinstated.
Shein Group has been reached out for further comment.
