Chinese fast fashion retailer Shein has reportedly raised $2 billion in its latest funding round. This puts the company’s valuation at $66 billion.
The Wall Street Journal reports that the company’s new valuation is only two-thirds of the $100 billion that Shein was given last year. This is true even though the retailer generated sales of around $23 billion in 2022.
The capital increase appears unaffected by the ongoing investigations the Chinese company is facing both over its poor environmental practices and numerous allegations related to workers’ rights.
In an effort to enhance its identity internationally, the company has branched out from China and recently opened a headquarters in Dublin, where the core of its EMEA operations is located.
At the same time, it is reported that Shein is eyeing re-entry into the Indian market. The company was banned from this market more than two years ago.
Through a strategic partnership with Reliance Retail, Shein now has access to the Indian company’s sourcing capabilities and logistics infrastructure, as well as the group’s network of online and offline stores, according to media reports.
This translated post previously appeared on FashionUnited.com.