Founder Of Fast-Fashion Phenomenon Shein Joins Ranks Of China’s Richest After New Fundraising

into a worldwide online fast-fashion phenomenon by quickly identifying trends and churning out small batches of style-conscious, affordable clothes, such as $10 dresses, favored by Gen Z.

In April he reportedly raised over $1 billion from New York-based private equity firm General Atlantic and other investors in a deal that valued Shein at $100 billion, surpassing the combined market value of two other major fashion retailers, Zara and H&M. Though the valuation is said to have eased since, he joins the ranks of China’s 100 richest for the first time, at No. 25, with a net worth of $10 billion.

Shein reportedly raked in over $16 billion in sales in the first half of 2022, although growth has slowed from pandemic highs. To deepen its foothold in its largest markets, the U.S. and Europe, the company launched pop-up stores across major European cities this year to promote brand awareness, and opened its first U.S. distribution center in Indiana in April to shorten its delivery cycle.

Amid rising concerns over the fashion industry’s environmental impact, Shein in June pledged $50 million over the next five years to the Or Foundation. The U.S.- and Ghana-based nonprofit focuses on reducing fashion waste.

Founder of the company that sold nazi necklaces…

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