What: Shein has just conducted mega-fundraising and made them bigger than Inditex and H&M combined globally.

Why is it important: Shein has raised between USD 1 bn and USD 2 bn from investors including General Atlantic, Tiger Global Management and Sequoia Capital China. This puts its valuation higher than USD 100 bn and beats the combined valuations of Spain’s Inditex (USD 68 bn) and Sweden’s H&M (USD 20 bn).

It was the most downloaded shopping app in the US last year and is now the biggest fast-fashion retailer in the US, as well as in many others.

Embracing disposable fast fashion in the way it does has drawn criticism in a more sustainability-focused world, as has its use of data, although the company has defended its data storage policies and also said the Chinese Government has no stake in nor control of the company.

Shein raises new funds