// Shein set to raise £1.6bn in a new funding round this month as it eyes US IPO later this year
// The Chinese fast fashion giant is understood to have cut its valuation by a third to £53.8bn for the round
Shein is set to raise £1.6bn ($2bn) this month in a new funding round ahead of its potential IPO in the US later this year.
The round’s major investors include United Arab Emirates’ sovereign wealth fund Mubadala as well as existing investors private equity firm General Atlantic (GA) and venture capital group Sequoia Capital China, Reuters reported.
Tiger Global Management is understood to become a new investor, a move that would allow the retail giant to float on the US stock market by the end of 2023.
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Shein is understood to have cut its valuation to £53.8bn ($64bn), down by a third from its £81bn ($100bn) valuation at its funding round in 2022.
Investors that participated in last year’s funding round will adjust the value of the stakes they bought to reflect the company’s current valuation.
If Shein’s floatation is successful, it would be one of the largest this year globally.
The fashion giant attempted to list in the US in 2020, however plans were put on pause due to unpredictable markets at the time.
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