Shein CEO Sky Xu’s wealth slumps US$15 billion after whittled-down IPO
The firm is set to go public at just over a quarter of the US$100 billion it was worth in 2022
Chinese fast fashion giant Shein, once valued at over US$100 billion, is set to go public on September 1 in Hong Kong at just over a quarter of that value, causing CEO Sky Xu's wealth to drop by more than US$15 billion. Xu, also known as Chris Xu or Xu Yangtian, founded Shein in 2012 with three partners and grew the company into a popular online retailer known for affordable, trendy clothing.
The business thrived during the COVID-19 pandemic when young shoppers drove a surge in sales. However, Shein's fortunes have dwindled in recent years due to tariffs, political scrutiny, and rising competition. The IPO, which was initially anticipated to gain strong investor interest, now faces challenges as AI companies launch and steal the spotlight, leaving investors less interested in e-commerce.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
