- Chinese retailer Shein was valued at $100 billion in a recent funding round, the WSJ reported.
- That makes the online fast fashion company worth more than H&M and Zara combined.
Controversial Chinese fast fashion company Shein was valued at $100 billion following a recent funding round, making the online retailer worth more than H&M and Zara combined, the Wall Street Journal reported.
The funding round, which ended last week, raised between $1 billion and $2 billion for Shein, the outlet said, citing people familiar with the matter.
Shein did not immediately respond to Insider’s request for comment.
Founded in 2008, Shein is known for selling inexpensive clothing and lifestyle items, with over 2,000 new styles added daily. It works on a on-demand business modelmeaning that clothing items are marketed in small batches and only mass-produced if they become hits.
His aggressive social media tactics include paid partnerships with influencers and celebrities like Addison Rae and Madelaine Petsch, which help the brand attract new Gen Z shoppers. In turn, younger consumers often post TikTok videos of their “transports” showing giant orders of recently purchased items.
Last year, it overtook Amazon to become the most downloaded shopping app in the United States. It also became the biggest U.S. fast fashion retailer by sales in June, surpassing H&M, Zara and Forever 21, according to a report by Earnest Research.
Designer Mariama Diallo accused Shein on Twitter last year of copying designs from her Sincerely Ria clothing line.
—Mariama Diallo ✨ (@MariamaDiallo__) June 11, 2021
The artists have also complained about the theft of their creations by the company. Oil painter Vanessa Bowman told the Guardian last month that one of his works appeared on a Shein sweatshirt without his permission.