// Shein is now the world’s largest online-only fashion company
// The online retailer’s valuation is now at £21 billion according to CNN Business
As of October 2020, the Chinese online retailer Shein was the world’s largest online-only fashion company, as measured by sales of goods under the company’s own brand, according to Euromonitor International’s proprietary research.
Shein offers clothing for women in sizes ranging from XS to 5XL, as well as menswear, clothes for kids and, makeup, tech and accessories for pets and the home.
Despite having popular retailers such as Zara and H&M as its direct competitors, in the first half of this year alone Shein’s app racked up more than 81 million downloads worldwide.
In mid-May, it overtook Amazon as the most installed shopping app in the United States across the App Store and Google Play combined, according to analytics firms App Annie and Sensor Tower.
As cited by Bloomberg, last May Shein’s app became the most downloaded one in the United States and worldwide with 17.5 million downloads.
Later in May Shein became the top shopping app on Android by new downloads in the US, and six days later took the top spot on iOS as well, according to App Annie.
It briefly topped the Android chart in late April before climbing to the top position on the App Store chart and while Amazon is now back to being number one, experts say daily installs between the two apps has remained close since.
Present in 220 markets, Shein is one of China’s most valuable privately-held businesses.
Last year the online retailer’s valuation was £10 billion, according to PitchBook.
By this summer, that had more than doubled to £21 billion according to CNN Business and Bloomberg reported that revenue reached £7 billion in June.