Latest news with #ChrisXu
Fibre2Fashion
04-07-2025
- Business
- Fibre2Fashion
France imposes $47.11-mn penalty on Shein
Following a year-long probe, French authorities yesterday announced a €40-million (~$47.11-million) penalty on e-commerce firm Shein, saying it used "deceptive commercial practices toward consumers regarding (...) price reductions". The French competition and anti-fraud office claimed the Singapore-headquartered company misled customers on price deals and on its environmental impact. Following a year-long probe, French authorities yesterday announced a $47.11-million penalty on e-commerce firm Shein, saying it used "deceptive commercial practices toward consumers regarding (...) price reductions". The Directorate General for Competition Policy, Consumer Affairs and Fraud Control competition office said the probe found the firm raised certain prices before lowering them. The Directorate General for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) competition office said the probe found that the firm raised certain prices before lowering them. Shein, founded in China in October 2008 as ZZKKO by entrepreneur Chris Xu, has accepted the fine, media outlets in France reported. "These practices of greatly discounted prices and permanent promotions give consumers the impression they're getting a great deal," said the DGCCRF, which found that 11 per cent of advertised discounts it checked "were actually price increases". In 57 per cent of cases, Shein's advertised promotions actually offered 'no price reduction' and in 19 per cent of cases, the price drop was 'less significant than announced'. Fibre2Fashion News Desk (DS)
India.com
02-07-2025
- Business
- India.com
Meet mysterious man whose net worth is Rs 780000000000, owns Rs 2.5 lakh crore business empire, yet hardly anyone knows his name; Mukesh Ambani is his…, he is…
After a five-year hiatus, Shein, the fast-fashion global brand, is back in the Indian market. This time, it is in partnership with Reliance Retail, the major subsidiary of Mukesh Ambani's conglomerate, the biggest player in the Indian retail sector. Shein is a fast-fashion company founded in China and now based in Singapore. It is known for trendy clothing at enticing prices, and smart marketing that allowed it to attract a large number of consumers, generating USD 30 billion+ in annual revenues. Unlike before, Shein will not run a direct business stream in India, and will be focused on a contractor-based role, with Reliance Retail operating the Shein India fast-fashion application instead and independently running logistics, sales enablement, and customer relationship management. Despite the height of its popularity, the founder of Shein is not widely known. Meet mysterious man whose net worth is Rs 780000000000, owns Rs 2.5 lakh crore business empire, he is… Chris Xu established Shein. He is also known as Sky Xu. He serves as the company's co-founder and CEO. Shein is a fast-growing and popular brand among Gen Z. Shein sells trendy clothing in over 150 countries globally. In 2018, Shein made its debut in India. Shein Returns to India with Reliance, Revolutionizing Fashion with Local Style In 2020, the Indian government banned several Chinese apps and companies, including Shein. Earlier this year, in February, Shein re-entered India with Reliance Industries. They launched a new website called tailored to sell clothes made in India, rather than Shein's other global sites that sold mainly Chinese-made products. 'SHEIN is a global fashion and lifestyle online retailer committed to making the beauty of fashion accessible to all. We believe that the beauty of fashion should be accessible to everyone, not just the privileged few. We have set out to change the fashion landscape in India by leading the development of alternative processes and technologies that enable us to offer a wide variety of choices by reducing inventory pressure and curbing wastage,' reads the statement on the official website of the It further added, 'Our digital-first model meets customers where they are: on mobile devices, online and on social media. We have become one of the most popular shopping apps and continue to engage customers by providing multiple content streams directly within the SHEIN platform and delivering the best online shopping experience. We ensure the vastness of the choices we offer are driven by our core proposition of hand-picked trends, honest pricing, free shipping & assured quality.' Who is Shein's founder? Know his educational qualification Chris Xu, also known as Sky Xu, is the founder of one of the largest fast-fashion brands on the planet, but little is known about him. The 41-year-old billionaire was born in 1984 in Shandong province, China, and is infamously elusive when it comes to the media. He currently holds Singaporean citizenship, which is also where Shein currently has its headquarters. Xu finished his studies at Qingdao University of Science and Technology in China with a Bachelor of Science degree. Upon graduating from college, he began his journey in marketing and learned a number of different marketing techniques, including search engine optimization (SEO), while he was working for Nanjing Aodao Information Technology. These skills would later help him grow his brand into a global fashion brand with Shein. Emergence of Shein It was during this time that Chris Xu saw a major opportunity to sell Chinese goods to the global marketplace. In 2008, Chris Xu launched a company with two partners called Nanjing Dianwei Information Technology, which later became the foundation for Shein. A few years later, Xu launched a brand called SheInside, which sold wedding dresses as a pure-play online retailer. The business thrived, and consumer demand grew for low-cost fashion apparel. Xu rebranded in 2015 to Shein. In 2015, Xu moved the business operations to Guangzhou, then in 2022, the business physically relocated its headquarters to Singapore, and thus, Shein officially became Singapore-based. Chris Xu, CEO, one of the richest entrepreneurs in China Chris Xu, CEO and reportedly the largest individual shareholder of Shein, has been instrumental in developing the brand into one of the world's leading fashion retailers. Shein has created an enormous global market for itself with its ultra-fast production cycles, variety of products, and very cheap prices. Xu is listed by Forbes as having a net worth of USD 9.1 billion (almost Rs 78,000 crore), as one of the richest entrepreneurs in China. Shein received funding that valued the company at USD 100 billion in the first half of 2022, but their valuation went down later that year, when the global market slowed. Shein entered the offline retail market for the first time in 2023 through its partnership with Sparc Group, owner of Forever 21. This collaboration allowed Shein's products to be introduced to Forever 21's retail stores across America, moving the brand beyond just digital. Originally intended to go public via IPO in the U.S., Shein is now planning to pursue a listing on the London Stock Exchange instead.
India.com
14-06-2025
- Business
- India.com
Rs 78000 crore net worth, Rs 2.5 lakh crore company, yet people hardly know his name, meet man who works with Mukesh Ambani, he owns....
Rs 78000 crore net worth, Rs 2.5 lakh crore company, yet people hardly know his name, meet man who works with Mukesh Ambani, he owns.... Recently, there was news that Mukesh Ambani's company, Reliance Retail, is working on a big plan. Now, Reliance Retail has partnered with fashion e-commerce company Shein to boost clothing production in India. Their goal is not only to make more clothes here but also to sell Indian-made Shein clothes around the world. Shein is a fast-fashion company that started in China but now has its headquarters in Singapore. The company is known for selling trendy clothes at low prices and uses smart marketing to attract customers. It makes over USD 30 billion every year. Even though the brand is popular, not many people know about its founder. Shein was founded by Chris Xu, who is also known as Sky Xu. He is the co-founder and CEO of the company. Shein is growing very quickly and is especially loved by Gen Z (young people). The brand sells stylish clothes in over 150 countries. Shein first came to India in 2018. But in 2020, the Indian government banned several Chinese apps and companies, including Shein. In February this year, Shein returned to India through a partnership with Reliance Industries. They launched a new website called where they now sell clothes made in India. This is different from Shein's other websites, which mostly sell clothes made in China. How it all started There is not much public information available about Shein's founder, Chris Xu, as he prefers to stay away from the media. He is 41 years old and was born in 1984 in Shandong province, China. Today, he also holds Singapore citizenship, where Shein's main office is based. Chris Xu studied at the Qingdao University of Science and Technology in China, where he earned a Bachelor of Science degree. After graduation, he worked in marketing and gained expertise in Search Engine Optimization (SEO) while working at Nanjing Aodao Information Technology. During this time, Xu realized there was a huge opportunity to sell Chinese products in global markets. In 2008, he partnered with two others to start a company called Nanjing Dianwei Information Technology, which later evolved into what we now know as Shein. Chris Xu's net worth and Shein's rise A few years after starting out, Chris Xu launched a company called SheInside, which mainly sold wedding dresses at first. In 2015, he renamed the company to Shein. That same year, he moved the company's headquarters from Nanjing to Guangzhou, and later in 2022, shifted it again to Singapore. Chris Xu is not only the CEO of Shein but is also believed to be its largest individual shareholder of the company. Under his leadership, Shein has become one of the biggest fashion retailers in the world. The company is famous for its ultra-fast fashionable clothes, wide variety of products, and low prices. According to Forbes , Chris Xu has a net worth of USD 9.1 billion (around Rs. 78,000 crore), making him one of the richest people from China. In the first half of 2022, Shein raised funds at a valuation of USD 100 billion. However, due to a global dip in stock markets later, the company's valuation declined. Preparing for public listing In 2023, Shein took its first step into the offline retail market by partnering with Sparc Group, the company that runs the fast-fashion chain Forever 21. Through this partnership, Shein began selling its products in Forever 21 stores across the United States. Earlier, Shein was planning to launch its IPO (Initial Public Offering) in the U.S. However, the company has now shifted its focus and is preparing to list on the London Stock Exchange instead.
India.com
14-06-2025
- Business
- India.com
Rs 78000 crore net worth, Rs 2.5 lakh crore company, yet people hardly know his name, meet man who built this famous fashion brand, his name is…, company is…
Recently, there was news that Mukesh Ambani's company, Reliance Retail, is working on a big plan. Now, Reliance Retail has partnered with fashion e-commerce company Shein to boost clothing production in India. Their goal is not only to make more clothes here but also to sell Indian-made Shein clothes around the world. Shein is a fast-fashion company that started in China but now has its headquarters in Singapore. The company is known for selling trendy clothes at low prices and uses smart marketing to attract customers. It makes over USD 30 billion every year. Even though the brand is popular, not many people know about its founder. Shein was founded by Chris Xu, who is also known as Sky Xu. He is the co-founder and CEO of the company. Shein is growing very quickly and is especially loved by Gen Z (young people). The brand sells stylish clothes in over 150 countries. Shein first came to India in 2018. But in 2020, the Indian government banned several Chinese apps and companies, including Shein. In February this year, Shein returned to India through a partnership with Reliance Industries. They launched a new website called where they now sell clothes made in India. This is different from Shein's other websites, which mostly sell clothes made in China. How it all started There is not much public information available about Shein's founder, Chris Xu, as he prefers to stay away from the media. He is 41 years old and was born in 1984 in Shandong province, China. Today, he also holds Singapore citizenship, where Shein's main office is based. Chris Xu studied at the Qingdao University of Science and Technology in China, where he earned a Bachelor of Science degree. After graduation, he worked in marketing and gained expertise in Search Engine Optimization (SEO) while working at Nanjing Aodao Information Technology. During this time, Xu realized there was a huge opportunity to sell Chinese products in global markets. In 2008, he partnered with two others to start a company called Nanjing Dianwei Information Technology, which later evolved into what we now know as Shein. Chris Xu's net worth and Shein's rise A few years after starting out, Chris Xu launched a company called SheInside, which mainly sold wedding dresses at first. In 2015, he renamed the company to Shein. That same year, he moved the company's headquarters from Nanjing to Guangzhou, and later in 2022, shifted it again to Singapore. Chris Xu is not only the CEO of Shein but is also believed to be its largest individual shareholder of the company. Under his leadership, Shein has become one of the biggest fashion retailers in the world. The company is famous for its ultra-fast fashionable clothes, wide variety of products, and low prices. According to Forbes , Chris Xu has a net worth of USD 9.1 billion (around Rs. 78,000 crore), making him one of the richest people from China. In the first half of 2022, Shein raised funds at a valuation of USD 100 billion. However, due to a global dip in stock markets later, the company's valuation declined. Preparing for public listing In 2023, Shein took its first step into the offline retail market by partnering with Sparc Group, the company that runs the fast-fashion chain Forever 21. Through this partnership, Shein began selling its products in Forever 21 stores across the United States. Earlier, Shein was planning to launch its IPO (Initial Public Offering) in the U.S. However, the company has now shifted its focus and is preparing to list on the London Stock Exchange instead.
Yahoo
28-05-2025
- Business
- Yahoo
Shein's pursuit of an IPO: From New York to London to Hong Kong
(Reuters) -Shein is working towards a listing in Hong Kong, as Chinese regulators did not approve the online fast-fashion retailer's proposed IPO in London, according to three sources with knowledge of the matter. Here's a timeline of the Singapore-headquarted company's attempts to go public and the various setbacks it has encountered. Shein had moved its headquarters from China to Singapore in 2022, while its supply chains and warehouses largely remain in China. JANUARY 2022 Shein revives plans to list in New York. Founder Chris Xu considers changing his citizenship to bypass proposed tougher rules for offshore IPOs in China, two sources told Reuters. It had first started preparing for a U.S. IPO about two years prior to this but shelved the plan partly due to unpredictable markets amid rising U.S.-China tensions, sources told Reuters. FEBRUARY 2022 Shein puts its U.S. listing plans on hold due to volatile capital markets amid Russia's attack on Ukraine, sources say. MARCH 2023 Shein was set to raise around $2 billion in a new funding round. The company was aiming for a U.S. listing in the second half of 2023, sources said. MAY 2023 A bipartisan group of two dozen U.S. representatives calls on the Securities and Exchange Commission to halt Shein's IPO, until it verifies that Shein is not using forced labor, according to a letter seen by Reuters. JUNE 2023 Shein makes moves to register with regulators for an IPO in New York, people familiar with the matter said. JULY 2023 Shein was working with at least three investment banks about a potential U.S. IPO and was in talks with the NYSE and Nasdaq, sources said. NOVEMBER 2023 Shein targets a valuation of as much as $90 billion for an eventual U.S. IPO, Bloomberg News reported. The fashion company confidentially files to go public in the United States, according to Reuters sources. U.S. lawmakers once again demand proof that Shein's $5 t-shirts and $10 sweaters were not being produced using forced labor. DECEMBER 2023 Shein held talks with the London Stock Exchange about the possibility of a public listing in the United Kingdom, Sky News reported, citing sources. JANUARY 2024 Shein seeks Beijing's nod to go public in the U.S. to comply with new listing rules for local firms, two sources told Reuters. FEBRUARY 2024 Republican Senator Marco Rubio asks the U.S. SEC to block Shein's New York listing bid unless the company makes additional disclosures about its business operations and "the serious risks of doing business" in China. Jeremy Hunt, British Finance Minister at the time, held talks with Shein's Executive Chairman Donald Tang, and the fast-fashion chain is keen to list in London, a UK government source told Reuters. MAY 2024 Shein steps up preparations for a London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmakers, sources said. Shein plans to update China's securities regulator on the change of the IPO venue and file with the LSE as soon as May 2024, said one of them. Senior British lawmakers, including the chairs of three parliamentary committees, questioned Shein's suitability for a London stock market listing and called for greater scrutiny of the Chinese-founded firm. JUNE 2024 Britain's Labour Party says it has met with Shein ahead of a potential London-listing. Shein confidentially files papers with Britain's markets regulator in early June, two sources said. UK-based human rights group Stop Uyghur Genocide launches a legal campaign to block Shein's potential London listing. JULY 2024 A new campaign backed by British retail consultant and television personality Mary Portas launches an online petition calling on the new Labour government to block Shein's London listing. OCTOBER 2024 Shein was set to hold informal investor meetings for its planned London IPO, sources said. DECEMBER 2024 Britain's financial regulator takes longer than usual to approve Shein's IPO. It is checking supply chain oversight and assessing legal risks after an advocacy group challenges the listing, sources report. Shein considers asking UK regulators to waive listing rules that require at least 10% of its shares to be sold to the public in its planned IPO, sources said. JANUARY 2025 Shein aims to list in London in the first half of the year, according to two sources with direct knowledge of the matter, assuming it gains regulatory approvals. Senior UK lawmaker flags concerns about Shein to LSE and regulator. Shein tells UK lawmakers it does not allow Chinese cotton in products sold in the U.S. FEBRUARY 2025 Shein is set to cut its valuation in a potential London IPO to around $50 billion, said three sources, nearly a quarter less than the company's 2023 fundraising value. Shein's London listing plans are likely to be postponed to the second half of this year after Donald Trump's move to close so-called "de minimis" rules, the Financial Times reported. Shein is under pressure to cut its valuation to about $30 billion ahead of its London listing, Bloomberg News reported. APRIL 2025 Shein secures approval from Britain's FCA for its planned London IPO, according to two sources. But also needs to secure approvals from Chinese regulators, notably the CSRC, for the London float, sources have said. MAY 2025 Shein drops Brunswick and FGS, the two communications firms supporting its push for a London IPO, a source familiar with the matter confirms, in the latest sign that the flotation is not going to plan. (SOURCES: Reuters stories, other media) (Compiled by Ankita Bora and Yadarisa Shabong in Bengaluru; Editing by Tasim Zahid) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
