(Yicai Global) May 25 -- Shein is preparing for an initial public offering in the near future, investment data platform Pedaily reported, citing a person with knowledge of the matter. No details were given about the bourse in question or the amount to be raised, but the Chinese online budget fashion retailer was worth USD15 billion at the end of last year.

Shein has become one of the world’s most popular fashion e-outlets thanks to the wide variety of garments it offers at affordable prices, and recently overtook Amazon as the most installed shopping app on both Android and Apple platforms, according to App Annie data.

The Nanjing-based company has seen business boom during the Covid-19 pandemic and last year revenue doubled to USD10 billion.

The firm, which also sells makeup, beauty products, pet supplies and electronics, has six logistics centers in China, India and on the US east and west coasts, as well as seven customer management centers across the world in Yiwu in eastern Zhejiang province, Los Angeles, Manila, Dubai and Mumbai, according to its website.

Since it was founded in 2008, Shein has secured at least five rounds of financing with participants such as JAFCO Asia, IDG Capital, Greenwoods Investment, Sequoia Capital China, Tiger Global Management and Shunwei Capital.

Editor: Kim Taylor