The online retailer is in talks with potential investors to raise about $1 billion, the people said, asking not to be identified as the information is private.
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.
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 in U.S. stores.
The company has operations in Guangzhou, Singapore, and Los Angeles, according to a recent press release. It offers more than 600,000 items to customers in over 150 countries. The startup’s backers include Tiger Global Management, IDG, and Sequoia.
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