Jan 18 (Reuters) – Chinese fashion retailer Shein is in
talks to raise up to $3 billion at a reduced valuation of $64
billion, the Financial Times reported on Wednesday, citing
people with knowledge of the negotiations.
The latest valuation would be nearly 36% less than the $100
billion the company was reportedly valued at in a funding round
last year.
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 did not immediately respond to a Reuters request
for comment.
A selloff in global markets following Russia’s invasion
of Ukraine and subsequent Western sanctions served as a final
blow, prompting companies, including Shein, to
put their U.S. listing plans on hold
, Reuters reported last year.
(Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru;
Editing by Maju Samuel)
