Chinese e-commerce firm Shein has hit a $100 billion valuation after its latest funding round, according to sources reported by the Wall Street Journal.
The funding round, which reportedly closed last week, was worth between $1 billion to $2 billion.
The round was led by private equity firm General Atlantic according to the sources and included existing Shein investors Tiger Global Management and Sequioa Capital.
The online retailer was founded in 2008 in Nanjing, China and made an estimated $10 billion in 2020 according to an estimate by Coresight Research.
Shein was second most downloaded shopping app worldwide in 2021 according to research compiled by analytics firm Apptopia.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
The Very Group
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