Chinese fashion retailer Shein is in talks to raise up to US$3 billion at a reduced valuation of $64 billion, the Financial Times reported on Wednesday, citing people with knowledge of the negotiations.
Big tech and growth stocks bore the brunt of a prolonged rout last year, worsened by aggressive interest rate hikes that sent the tech-heavy Nasdaq Composite index down 33 per cent in 2022. The online retailer is seeking to close a new fundraising round from existing investors including Abu Dhabi sovereign wealth fund Mubadala, venture capital group Sequoia China and private equity group General Atlantic, the report added.Shein, which does not sell in China, has grown into one of the world's largest online fashion marketplaces since its 2008 launch in Nanjing. It produces clothing in China to sell online in the United States – its biggest market, Europe and Asia.
Source: News Formal (newsformal.com)
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