Shein’s on the rise (again). The controversial fast fashion brand is getting bigger than ever, even overtaking Zara and H&M in sales.

• According to Coresight, the China-based retailer yielded about $23B in global revenue in 2022.
• Oh, and Shein also corners nearly a fifth of the fast fashion retail market. 

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It’s ✨giving✨ IPO

In November, Bloomberg reported that Shein was targeting up to $90B in a US IPO. That said, given the volatile market, the company hasn’t given a solid confirmation on a timing yet. It could be in 2024 though.

But not everything’s peachy for Shein, because they’re going to face some challenges ahead. 

• For one, they’ll have to convince US regulators that their supply chain is clean. 

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😬 How did we get here? 

As the fast fashion big three, Zara, H&M, and Shein all pump out designs super fast with their short production cycles.

• Shein, in particular, is notorious for its unethical practices, such as using cheap (allegedly even forced) labor.
• Independent designers have also accused the retailer of engaging in copyright infringement and racketeering.

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🧵 Follow the thread

The SEA apparel market is projected to generate a revenue of $49.26B in 2023.

• This year, we've seen some SEA-based fashion startups like D2C brand Claude and fashion manufacturer Inflow also cinch some $$$. 

Fashion takeover. Bigger fashion startups like Love, Bonito are also expanding their physical presence and global footprint.