Shein, the fast fashion behemoth that has swept across the world, is raising a significant down round as the startup world braces for a funding crunch. The e-commerce platform known for jaw-dropping outfit prices and savvy TikTok marketing is seeking $3 billion at a valuation of $64 billion, down from the $100 billion price tag in April, according to Financial Times.
Shein denies the accuracy of some of the information, a spokesperson for the firm told TechCrunch when asked to confirm details from the report.
One must wonder which part of the report got it wrong. To be fair, Shein’s plunging valuation is not an abnormality in today’s e-commerce world. Pinduoduo, the marketplace that has managed to threaten the dominance of Alibaba’s Taobao in China by offering attractive deals, has seen its market cap plunge to around $100 billion from a peak of $240 billion in February 2021.
Pinduoduo is now pinning its hope on its sister platform for overseas shoppers, Temu, which is gaining some ground in the U.S.
Sea, which operat …
