Shein Executive Chairman Donald Tang Steps Down Ahead of IPO

Executive Chairman Donald Tang is stepping down from his leadership role at Shein to become a senior adviser. The transition occurs as the fast-fashion retailer nears the completion of an initial public offering in Hong Kong, following approval from Chinese regulators and a scheduled hearing with the Hong Kong stock exchange on Thursday.

Founder and CEO Sky Xu is expected to assume the chairmanship and lead the upcoming investor roadshow. Tang served as the public face of the company for three years, managing relations with investors and regulators in the United States and China. His tenure included unsuccessful attempts to go public in New York and London, the latter of which was blocked by the China Securities Regulatory Commission despite approval from the Financial Conduct Authority.

Tang also managed several regulatory and ethical crises, including defending the company against allegations of forced labor in its supply chain and responding to fines from Italian and French authorities. Most recently, Shein faced a government crackdown in France after child-like sex dolls were discovered on its marketplace, leading the company to abandon its first permanent store in Paris. Shein has declined to comment on the leadership transition.