The online retailer is in talks with potential investors including General Atlantic to raise about $1 billion
, the people said, asking not to be identified as the information is private. Achieving the $100 billion mark would make it the third most valuable startup in the world, after ByteDance Ltd. and SpaceX, according to data provider CB Insights.
Shein responded last May to media reports on its fundraising and whether it would go public, saying in a statement that it was valued at several billion dollars and it had no plan for an initial public offering in the short term. Deliberations are ongoing and details such as the size of the fundraising and valuation could still change, the people said. Representatives for Shein didn’t immediately respond to requests for comment outside normal business hours. An official for General Atlantic declined to comment.
Shein has become a juggernaut thanks to a combination of supply-chain savvy, data-driven clothing design, and tax loopholes in the U.S. and China that came to the fore during the trade war. Last year it overtook Amazon.com Inc. in downloads of shopping apps on U.S. stores.
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