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Bloomberg
Shein, the Chinese fast fashion giant that’s quickly become the third-most valuable startup in the world, is seeing a reality check with sales growth slowing from the lofty heights of
the pandemic, just as it faces mounting pressure to live up to a $100 billion valuation.
The online-only retailer of inexpensive clothes, beauty and lifestyle products has become a global phenomenon, with a following of mostly tweens and teenagers in the West making its app one of the most downloaded in the world.
Shein saw annual sales growth slow to around 60% in 2021, according to people familiar with the business. That’s a steep plunge from an eye-popping 250% growth in 2020, when the arrival of Covid-19 e-commerce demand from consumers stuck at home. Annual revenue reached at least $16 billion in 2021, up from $10 billion in 2020, said the people, who declined to be identified as they’re not authorised to speak publicly.