As TikTok took over the world, a low-profile Chinese company known for its cheap wedding dresses joined the land grab. Videos of people trying on cheap, trendy clothes from Chinese fast-fashion group Shein have become a genre of their own. Surging sales mean Shein’s US listing may become one of the largest in the past decade.
Shein has filed paperwork for a US initial public offering. Backers include Abu Dhabi sovereign wealth fund Mubadala and venture capital group Sequoia China. The group has reportedly targeted a valuation as high as $90bn, not far from its $100bn private valuation last year.
Shein has achieved remarkable growth. Viral videos playing to viewers’ short attention spans have tapped unprecedented demand for garments, home furnishings and pet accessories, all of which Shein provides at less than $10. The group has made heavy and effective use of social media marketing. Here, influencers receive commissions for posts featuring Shein outfits.