Shein founder Sky Xu’s fortune plunges $15B in four years
Shein founder and CEO Sky Xu has seen his personal fortune shrink by more than US$15 billion in four years as the fast-fashion giant made its long-awaited stock market debut in Hong Kong.
Shein founder Sky Xu's net worth dropped by $15 billion within four years due to various factors. The Chinese e-commerce giant, once valued at nearly $100 billion, saw its founder's fortune decline as the company faced higher tariffs, regulatory scrutiny, competition, and unfavorable timing for its Hong Kong IPO. At the height of its success, Sky Xu, the 43-year-old entrepreneur, owned about 30% of the company, making his personal fortune worth approximately $8 billion.
The IPO, which took place on September 1, priced Shein at a valuation that was just over a quarter of its peak, significantly reducing Xu's wealth. Financial experts noted that the company's growth has slowed since the pandemic, and the e-commerce sector is no longer as attractive as artificial intelligence companies that are attracting investors.
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