The Chinese group Shein is valued at 92,000 million euros, more than its rivals Inditex and H&M together | Economy

The Chinese textile group Shein has been valued during a recent round of financing at 100,000 million dollars (92,000 million euros), more than the sum of the market capitalizations of the Spanish Inditex (62,000 million euros) and the Swedish H&M (18,500 million euros), according to market sources cited by The Wall Street Journal.

The financing round closed last week and was between 1,000 and 2,000 million dollars for Shein. The firm General Atlantic participated in the round, along with Shein investors such as Tiger Global Management and Sequoia Capital China. Shein was valued at $15 billion in 2020, according to PitchBook Data Inc.

The Bloomberg agency reported on Sunday that the Chinese company was preparing this round and managing the valuation of 100,000 million, a figure that places it as the third start-up valued in the world, after the Chinese technology ByteDance and the American Space X, according to CB Insights. In May of last year, Shein responded to several reports in the press stating that he was studying going public with a statement in which he stated that his valuation amounted to several billion, without specifying, and that he did not plan to list on the markets in the short term.

Shein sells clothes at very low prices in 150 countries around the world, except in China, where competition in this market is fierce. It has no physical stores and the US has become one of its strongest markets.

Founded in 2008, the company started business selling women’s clothing under the Sheinside brand. During the pandemic, its market share grew significantly, to the point that it overtook H&M, Zara and Forever 21 as “the largest fast fashion retailer” in the US by sales, according to a report by Earnest Research published in June. .