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Cross-border fashion e-commerce company SHEIN is now the most downloaded app in the United States, surpassing other powerhouses like TikTok, Instagram, Twitter and even Amazon, according to data released Tuesday by Marketplace Pulse, a technology company. e-commerce market research.
SHEIN was previously the most downloaded app in the shopping category, but on May 3, it became number one in all categories on the iPhone App Store. It topped the shopping category for the first time in May 2021 and was the second most popular shopping app in the world in 2021. It still ranks number one in shopping categories in dozens of countries.
The research firm pointed out that Alibaba
Data from market research firm Sensor Tower shows that SHEIN’s ranking is up since the start of this year (app downloads don’t mean usage, but they do show momentum). The app’s network traffic only tracks Macy’s, an American department store chain, among American clothing retailers. Moreover, according to Google Trends, SHEIN’s popularity on the search engine is at an all-time high and has already surpassed that of other clothing retailers.
SHEIN was founded in Nanjing in 2008, focusing on fast fashion women’s clothing with affordable prices and stylish designs. At present, this online retailer offers more than 600,000 products in more than 220 countries and regions in Europe, North America, the Middle East and South Asia.
SEE ALSO: Explaining the meteoric rise of fast fashion giant SHEIN
According to Chinese business investigation platform Tianyancha, SHEIN has completed six rounds of financing so far, including $5 million round A financing, $300 million round B financing, $300 million round C financing. of several hundred million dollars, a financing round of 500 million dollars. Funding D and Funding E of several hundred million dollars. Investors have included Sequoia Capital China, Tiger Global Management, Shunwei Capital, Grandway Capital, IDG, Greenwoods Investment and JAFCO.
Bloomberg previously revealed that SHEIN is currently in financing talks and is expected to have a valuation of $100 billion, surpassing the sum of H&M and Zara. However, regarding this news, the e-commerce platform declined to comment on the market rumors. Further, regarding the question of whether this funding means the company restarts the IPO process, he replied, “As previously explained, the company does not have an IPO plan.”