In a recent round of funding, China-based fast-fashion retailer Shein received a $100 billion valuation, per the WSJ.
According to sources close to the brand, the retailer raised between $1 billion and $2 billion in its fundraising round that closed last week.
What do the numbers mean?
For one thing, the millennials are not concerned about sustainable clothing. For them, fast fashion is the way forward.
It also means that Shein is worth more than H&M and Zara combined.
The brand already overtook Amazon as the most downloaded shopping app last year.
A bit about the company
Shein is a China-based fast-fashion retailer founded in 2008 by Chris Xu.
Touted as the fast fashion market leader right now, the company has its share of controversies ranging from stealing designs, paying low wages and negatively impacting the environment.
