Shein Launches Hong Kong IPO With $27 Billion Valuation

Shein Global Holdings Ltd. launched a share sale in Hong Kong, valuing the company at up to $27 billion if it raises $1.8 billion. This listing follows unsuccessful attempts to go public in the United States and United Kingdom, as well as a steep decline from a $100 billion valuation peak in 2022.

CEO Sky Xu is pitching a new growth strategy to investors to transform the company into the "Amazon Web Services of the fashion industry." Under this model, Shein intends to acquire or partner with other brands to integrate them into its China-based supply chain infrastructure. This pivot comes in response to slowing sales growth and rising trade barriers.

As part of this expansion, Shein acquired the American clothing brand Everlane Inc. for approximately $80 million. The deal is currently undergoing a national security review by the Committee on Foreign Investment in the United States.