Sheen’s valuation reportedly dropped by a third as it seeks $3 billion • TechCrunch

SHEIN, the fast fashion kingpin that has taken the globe by storm, is making waves in the startup world Brackets to the financing crisis. The ecommerce platform is known for its amazing clothing prices and clever TikTok Marketing. It is now seeking $3Billion at a valuation $64 Billion. $100 billion in AprilSend it to me financial times.

TechCrunch was asked by Shein if the information is accurate. A spokesperson for the company denied that Shein had misrepresented some details.

One has to wonder where he went wrong in the report. To be fair, Shein’s depreciation in the e-commerce market is not unusual. Pinduoduo is a market that has managed, through attractive deals, to challenge Alibaba’s Taobao dominance. Its market capitalization has fallen to $100 billion from a peak at $240 billion in February 2021.

Pinduoduo is now placing its hopes on Temu’s sister platform for overseas shoppers. Gain some ground in the US

Sea, which owns Shopee, an e-commerce company that focuses on Southeast Asia, has lost more then 80% of its market capitalization in the past year. Bloomberg reports that Shopee has eliminated nearly 7,000 jobs in six months to make up its losses. mentionedIn November.

Shein’s withdrawal is not as shocking as their e-commerce counterparts.

According to a Financial Times Report, Shein plans to continue with its initial public offering. This could happen as soon as this year. Shein, who was born out of China’s reckless, faltering export ecommerce world, must sort out many issues before going public. The company was in preparation. One, she has Its Singapore office made it the de facto holding companyThis comes at a moment when China is tightening regulations for overseas listings and cross border data transfers. And at a moment when US regulators are increasing scrutiny of technology companies with Chinese ties.

SHEIN also has it I stepped up dramaticallyESG Efforts: Environmental, Social and Governance. It is not clear how the company could restructure itself to be more “socially responsible” without affecting its business model. Fast fashion, which is essentially a threat to the environment, is what TechCrunch spoke to. TechCrunch spoke with several investors who previously pointed out potential “accounting compliance issues” as China’s apparel industry is well-known for opaque billing practices, tax evasion, and tax evasion.