SHEIN reportedly mulling new funding round worth US$1bn

Online fashion e-tailer SHEIN is reportedly mulling a funding valued at about US$1 billion. According to Bloomberg, people familiar with the matter said that SHEIN is in talks with potential investors such as General Atlantic to raise about US$1 billion, which would bring its value to US$100 billion. MARKETING-INTERACTIVE has reached out to SHEIN for confirmation and additional comments on the matter.

According to SHEIN, it experienced positive growth with a community of about 100 million members and approximately 230 million app downloads globally, as of February 2022, since its launch more than a decade ago in 2008. 

Separately, SHEIN is looking to increase its workforce in Singapore by four times, reaching around 200 employees by the end of the year. Some of the roles open, seen by MARKETING-INTERACTIVE, included the likes of eCommerce marketing, influencer marketing, social media marketing and PR. According to an earlier report Reuters, SHEIN was also advertising for government relations associates as well as for human resources and IT. The hiring comes as SHEIN looks to expand its Singapore offices to support the firm's growth in the Southeast Asian market.

SHEIN first expanded to Singapore and the Southeast Asia region in June last year, with a new hub based in Singapore. The expansion of the brand’s international footprint was accompanied by the launch of its SHEIN VACAY MODE campaign, which ran until 5 July 2021, featuring its summer series with various coupons offered to SHEIN users. Despite its Asian roots, SHEIN's branding and user interface is more Westernised, with the brand using mainly Western or pan-Asian looking models in the online catalogue and ads.

In a previous interview with SHEIN, a spokesperson explained to MARKETING-INTERACTIVE then that as America was one of the first regions it expanded into, naturally, Western models were used for these campaigns. "With the expansion over the years to other regions, the models we had fronting campaigns shifted to different nationalities as well in order to ensure market relevancy. Part of the brand’s identity stems from values like inclusivity and diversity and we are committed to the philosophy that everyone can enjoy the beauty of fashion," said the spokesperson then. 

Currently in Singapore, SHEIN works with Mercury Marketing and Communications to manage its PR duties. It also had a standalone website for shoppers in Malaysia. SHEIN's spokesperson told MARKETING-INTERACTIVE then that as part of its marketing strategies in the region, it will focus on its niche, digital and influencer marketing. In July 2021, SHEIN ceased operations in Indonesia.

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