Quote from Ndubuisi Ekekwe on November 7, 2023, 12:57 PM

China really understands how to build modern ecommerce companies. Shein, another winner, is now worth about $90 billion, LinkedIn reports.

A high price for affordable fashion: Shein is hoping for a valuation of as much as $90 billion in its U.S. initial public offering, anonymous sources tell Bloomberg. The exact timing of the IPO is up in the air due to "market volatility," the sources said. The ultra-fast-fashion retailer was valued at $66 billion in a May funding round, and less than that in more recent private trades amid rising rates and doubts about the global economy. The Chinese-founded company, which was the world's third-most valuable startup last year, has been fighting allegations it uses forced labor.

• Bloomberg's sources said Shein expects to hit $2.5 billion in net income this year — a huge leap from $137 million in 2019. Last month, the company acquired British online brand Missguided, and it is reportedly looking to make a bidfor Topshop, too.