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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.
Straits Times
29-06-2025
- Business
- Straits Times
China fast-fashion giant Shein to file confidentially for Hong Kong IPO in rare move, sources say
Shein's Hong Kong IPO plan comes after setbacks of UK, US listing attempts. PHOTO: REUTERS China fast-fashion giant Shein to file confidentially for Hong Kong IPO in rare move, sources say HONG KONG - China-founded fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of IPO documents, three sources with knowledge of the matter said. Shein aims to submit the filing confidentially as soon as this week, one of the sources said. A second source said the filing was expected to be made by June 30. Shein's confidential filing, if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely-watched IPO candidates, and possibly the largest in the city this year, two of the sources said. The filing will come as the company, which sells low-priced apparel such as US$5 dresses and US$10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a US IPO in late 2023. Confidential filings enable companies to keep vital operational and financial information under wraps for longer and allow them to go through the regulatory review process without public disclosure. Hong Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognised overseas exchanges, such as the New York Stock Exchange or Nasdaq. The exchange could also waive or modify the publication requirements in a spinoff from an overseas listed parent upon application by a new applicant, the listing rules show. While this practice is common for IPO applicants in the United States, it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi and Meituan, which both filed publicly for their floats. Shein, founded by China-born entrepreneur Sky Xu, did not reply to a request for comment. The Hong Kong stock exchange declined to comment on individual companies. Documents, including financials, related to Shein's IPO will remain undisclosed until the company passes a hearing with the Hong Kong stock exchange, which is the final step in the city's regulatory approval process. Prior to that final step, Shein must secure an approval from the China Securities Regulatory Commission (CSRC) to go ahead with the Hong Kong IPO. It is not known if Shein has already secured a verbal nod from the Chinese securities regulator. Reuters first reported in May, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators. The New York attempt also did not receive CSRC approval, Reuters previously reported. Shein's confidential submission of the prospectus enables Hong Kong and mainland Chinese regulators to assess the IPO application, raise their questions to Shein and prepare it for regulatory approval privately, the sources said. The regulators would be able to do that before public, including potential institutional investors', scrutiny of its application materials, including risk factors, they added. The filing would come against the backdrop of Shein grappling with the knock-on impacts of the US-China trade war after President Donald Trump ended duty-free treatment of ecommerce parcels and hiked tariffs on Chinese goods, hurting its business in the US, its biggest market. Shein was valued at US$66 billion (S$84 billion) during its pre-IPO fundraising round in 2023, down by a third from a funding round one year earlier. Its eventual IPO valuation will hinge on the impact of the tariff changes, sources have said. Risk disclosures A Shein listing would help Hong Kong, which saw US$12.8 billion worth of IPOs and second listings in the first half, re-establish its credibility as a global fundraising centre at a time of major volatility stoked by U.S. trade policy changes. Shein, founded in mainland China in 2012, is hoping to succeed in Hong Kong after failed attempts to list in New York and then London, where Britain's financial regulator approved the listing. Shein will have to file with the CSRC within three working days after submitting its IPO application in Hong Kong, in line with Beijing's rules for Chinese firms seeking offshore listings. Shein shifted headquarters from China to Singapore in 2022 and does not own or operate any factories, but remains subject to Chinese IPO rules because its products are mostly made by a network of 7,000 third-party suppliers in China, sources have said. The CSRC applies the rules on a 'substance over form' basis, granting it discretion on when and how to implement them. A draft prospectus would normally disclose key risks to a company including those linked to its supply chain. Shein has faced allegations from politicians and campaigners that its supply chain in China is linked to forced labour of Uyghur minorities in Xinjiang, a highly contentious issue for Beijing, which denies any abuses in the cotton-producing province. The US has a ban in place on imports of products made using forced labour from Xinjiang, and Shein has said it does not allow its suppliers to use Chinese cotton in US-bound products. Shein has said its supplier code of conduct prohibiting forced labour applies worldwide. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
29-06-2025
- Business
- Business Times
Shein to file confidentially for Hong Kong IPO in rare move: sources
CHINA-FOUNDED fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of IPO documents, three sources with knowledge of the matter said. Shein aims to submit the filing confidentially as soon as this week, one of the sources said. A second source said the filing was expected to be made by Monday. Shein's confidential filing, if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely-watched IPO candidates, and possibly the largest in the city this year, two of the sources said. The filing will come as the company, which sells low-priced apparel such as US$5 dresses and US$10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a US IPO in late 2023. Confidential filings enable companies to keep vital operational and financial information under wraps for longer and allow them to go through the regulatory review process without public disclosure. Hong Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognised overseas exchanges, such as the New York Stock Exchange or Nasdaq. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The exchange could also waive or modify the publication requirements in a spinoff from an overseas listed parent upon application by a new applicant, the listing rules show. While this practice is common for IPO applicants in the US, it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi and Meituan, which both filed publicly for their floats. The sources spoke to Reuters on the condition of anonymity as they were not authorised to speak to the media. Shein, founded by China-born entrepreneur Sky Xu, did not reply to a request for comment. The Hong Kong stock exchange declined to comment on individual companies. Documents, including financials, related to Shein's IPO will remain undisclosed until the company passes a hearing with the Hong Kong stock exchange, which is the final step in the city's regulatory approval process. Prior to that final step, Shein must secure an approval from the China Securities Regulatory Commission (CSRC) to go ahead with the Hong Kong IPO. It is not known if Shein has already secured a verbal nod from the Chinese securities regulator. The CSRC did not respond to Reuters request for comment. Reuters first reported last month, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators. The New York attempt also did not receive CSRC approval, Reuters previously reported. Regulatory approval Shein's confidential submission of the prospectus enables Hong Kong and mainland Chinese regulators to assess the IPO application, raise their questions to Shein and prepare it for regulatory approval privately, the sources said. The regulators would be able to do that before public, including potential institutional investors', scrutiny of its application materials, including risk factors, they added. The filing would come against the backdrop of Shein grappling with the knock-on impacts of the Sino-US trade war after US President Donald Trump ended duty-free treatment of ecommerce parcels and hiked tariffs on Chinese goods, hurting its business in the US, its biggest market. Shein was valued at US$66 billion during its pre-IPO fundraising round in 2023, down by a third from a funding round one year earlier. Its eventual IPO valuation will hinge on the impact of the tariff changes, sources have said. Risk disclosures A Shein listing would help Hong Kong, which saw US$12.8 billion worth of IPOs and second listings in the first half, re-establish its credibility as a global fundraising centre at a time of major volatility stoked by US trade policy changes. Shein, founded in mainland China in 2012, is hoping to succeed in Hong Kong after failed attempts to list in New York and then London, where Britain's financial regulator approved the listing. Shein will have to file with the CSRC within three working days after submitting its IPO application in Hong Kong, in line with Beijing's rules for Chinese firms seeking offshore listings. Shein shifted headquarters from China to Singapore in 2022 and does not own or operate any factories, but remains subject to Chinese IPO rules because its products are mostly made by a network of 7,000 third-party suppliers in China, sources have said. The CSRC applies the rules on a 'substance over form' basis, granting it discretion on when and how to implement them. A draft prospectus would normally disclose key risks to a company including those linked to its supply chain. Shein has faced allegations from politicians and campaigners that its supply chain in China is linked to forced labour of Uyghur minorities in Xinjiang, a highly contentious issue for Beijing, which denies any abuses in the cotton-producing province. The US has a ban in place on imports of products made using forced labour from Xinjiang and Shein has said it does not allow its suppliers to use Chinese cotton in US-bound products. Shein has said its supplier code of conduct prohibiting forced labour applies worldwide. REUTERS
Fashion Network
29-06-2025
- Business
- Fashion Network
Shein to file confidentially for Hong Kong IPO amid global expansion plans
China-founded fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of IPO documents, three sources with knowledge of the matter said. One of the sources said Shein aims to submit the filing confidentially as soon as this week. A second source said Shein expects to make the filing by Monday. Shein's confidential filing, if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely watched IPO candidates, and possibly the largest in the city this year, two of the sources said. The filing will come as the company, which sells low-priced apparel such as $5 dresses and $10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a U.S. IPO in late 2023. Confidential filings enable companies to keep vital operational and financial information under wraps for longer, allowing them to go through the regulatory review process without public disclosure. Hong Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognized overseas exchanges, such as the New York Stock Exchange or Nasdaq. The listing rules show that the exchange could also waive or modify the publication requirements in a spinoff from an overseas-listed parent upon application by a new applicant. While this practice is common for U.S. IPO applicants, it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi and Meituan, which both filed publicly for their floats. The sources spoke to Reuters on the condition of anonymity as they were not authorized to speak to the media. Shein, founded by China-born entrepreneur Sky Xu, did not reply to a request for comment. The Hong Kong stock exchange declined to comment on individual companies. Documents, including financials, related to Shein's IPO will remain undisclosed until the company passes a hearing with the Hong Kong stock exchange, which is the final step in the city's regulatory approval process. Before that final step, Shein must secure approval from the China Securities Regulatory Commission (CSRC) to proceed with the Hong Kong IPO. It is not known if Shein has already secured a verbal nod from the Chinese securities regulator. The CSRC did not respond to Reuters' request for comment. Reuters first reported last month, citing sources, that Shein was working toward a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators. Reuters previously reported that the New York attempt also did not receive CSRC approval. Regulatory approval Shein's confidential filing enables regulators in Hong Kong and mainland China to review the IPO application, submit questions to the company, and conduct the approval process privately, the sources said. The regulators would be able to complete this process before the public — including potential institutional investors — can scrutinize the application materials and risk factors, they added. The filing would come against the backdrop of Shein grappling with the knock-on impacts of the Sino-U.S. trade war after U.S. President Donald Trump ended duty-free treatment of e-commerce parcels and hiked tariffs on Chinese goods, hurting its business in the U.S., its biggest market. Shein was valued at $66 billion during its pre-IPO fundraising round in 2023, down by a third from a funding round one year earlier. Its eventual IPO valuation will hinge on the impact of the tariff changes, sources have said. Risk disclosures A Shein listing would help Hong Kong, which saw $12.8 billion worth of IPOs and second listings in the first half, reestablish its credibility as a global fundraising center at a time of major volatility stoked by U.S. trade policy changes. Shein, founded in mainland China in 2012, is hoping to succeed in Hong Kong after failed attempts to list in New York and then London, where Britain's financial regulator approved the listing. In line with Beijing's rules for Chinese firms pursuing offshore listings, Shein must file with the CSRC within three working days of submitting its IPO application in Hong Kong. Shein relocated its headquarters from China to Singapore in 2022 and does not directly own or operate any factories. However, it remains subject to Chinese IPO regulations because most of its products are manufactured by a network of 7,000 third-party suppliers based in China, according to sources. The CSRC applies the rules on a "substance over form" basis, granting it discretion on when and how to implement them. A draft prospectus would normally disclose key risks to a company, including those linked to its supply chain. Shein has faced allegations from politicians and campaigners that its supply chain in China is linked to forced labor of Uyghur minorities in Xinjiang, a highly contentious issue for Beijing, which denies any abuses in the cotton-producing province. The U.S. bans imports of products made with forced labor from Xinjiang, and Shein has stated that it prohibits its suppliers from using Chinese cotton in products bound for the U.S. Shein has said its supplier code of conduct prohibiting forced labor applies worldwide. © Thomson Reuters 2025 All rights reserved.
Fashion Network
27-06-2025
- Business
- Fashion Network
Shein to file confidentially for Hong Kong IPO amid global expansion plans
China-founded fast-fashion retailer Shein plans to file a draft prospectus confidentially for its Hong Kong listing, marking a rare departure from the usual practice of companies making public filings of IPO documents, three sources with knowledge of the matter said. One of the sources said Shein aims to submit the filing confidentially as soon as this week. A second source said Shein expects to make the filing by Monday. Shein's confidential filing, if approved, would represent a waiver of one of the main listing rules by the Hong Kong exchange for one of the world's most closely watched IPO candidates, and possibly the largest in the city this year, two of the sources said. The filing will come as the company, which sells low-priced apparel such as $5 dresses and $10 jeans in around 150 countries, makes its third attempt to go public, more than 18 months after it first filed for a U.S. IPO in late 2023. Confidential filings enable companies to keep vital operational and financial information under wraps for longer, allowing them to go through the regulatory review process without public disclosure. Hong Kong's listing rules permit confidential filings for secondary listings by companies already listed on recognized overseas exchanges, such as the New York Stock Exchange or Nasdaq. The listing rules show that the exchange could also waive or modify the publication requirements in a spinoff from an overseas-listed parent upon application by a new applicant. While this practice is common for U.S. IPO applicants, it remains relatively rare in Hong Kong, where high-profile IPOs have included Chinese tech giants Xiaomi and Meituan, which both filed publicly for their floats. The sources spoke to Reuters on the condition of anonymity as they were not authorized to speak to the media. Shein, founded by China-born entrepreneur Sky Xu, did not reply to a request for comment. The Hong Kong stock exchange declined to comment on individual companies. Documents, including financials, related to Shein's IPO will remain undisclosed until the company passes a hearing with the Hong Kong stock exchange, which is the final step in the city's regulatory approval process. Before that final step, Shein must secure approval from the China Securities Regulatory Commission (CSRC) to proceed with the Hong Kong IPO. It is not known if Shein has already secured a verbal nod from the Chinese securities regulator. The CSRC did not respond to Reuters' request for comment. Reuters first reported last month, citing sources, that Shein was working toward a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators. Reuters previously reported that the New York attempt also did not receive CSRC approval. Regulatory approval Shein's confidential filing enables regulators in Hong Kong and mainland China to review the IPO application, submit questions to the company, and conduct the approval process privately, the sources said. The regulators would be able to complete this process before the public — including potential institutional investors — can scrutinize the application materials and risk factors, they added. The filing would come against the backdrop of Shein grappling with the knock-on impacts of the Sino-U.S. trade war after U.S. President Donald Trump ended duty-free treatment of e-commerce parcels and hiked tariffs on Chinese goods, hurting its business in the U.S., its biggest market. Shein was valued at $66 billion during its pre-IPO fundraising round in 2023, down by a third from a funding round one year earlier. Its eventual IPO valuation will hinge on the impact of the tariff changes, sources have said. Risk disclosures A Shein listing would help Hong Kong, which saw $12.8 billion worth of IPOs and second listings in the first half, reestablish its credibility as a global fundraising center at a time of major volatility stoked by U.S. trade policy changes. Shein, founded in mainland China in 2012, is hoping to succeed in Hong Kong after failed attempts to list in New York and then London, where Britain's financial regulator approved the listing. In line with Beijing's rules for Chinese firms pursuing offshore listings, Shein must file with the CSRC within three working days of submitting its IPO application in Hong Kong. Shein relocated its headquarters from China to Singapore in 2022 and does not directly own or operate any factories. However, it remains subject to Chinese IPO regulations because most of its products are manufactured by a network of 7,000 third-party suppliers based in China, according to sources. The CSRC applies the rules on a "substance over form" basis, granting it discretion on when and how to implement them. A draft prospectus would normally disclose key risks to a company, including those linked to its supply chain. Shein has faced allegations from politicians and campaigners that its supply chain in China is linked to forced labor of Uyghur minorities in Xinjiang, a highly contentious issue for Beijing, which denies any abuses in the cotton-producing province. The U.S. bans imports of products made with forced labor from Xinjiang, and Shein has stated that it prohibits its suppliers from using Chinese cotton in products bound for the U.S. Shein has said its supplier code of conduct prohibiting forced labor applies worldwide. © Thomson Reuters 2025 All rights reserved.
