Apparel company Shein has grown into the world’s largest fashion retailer after more than a decade in the industry.
The company’s success story is based on the Chinese founder Chris Xu, who has now become a billionaire.
Who Owns Shein?
Shein was founded by entrepreneur Chris Xu.
The 39-year-old man was born in Shandong, China, and is said to have studied science at university.
Local media claimed he had developed proficient search engine optimization skills that underpinned his success.
While Xu has held back in Asia, the e-commerce guru is one of China’s most successful entrepreneurs.
According to The Guardian, Xu is known for his determination and ruthlessness in building his fast fashion outlet into a global empire.
In 2022, Chinese media interviewed employees at Shein’s Guangdong headquarters to learn more about the billionaire’s makeup.
A worker said, “No matter what time you go, even if it’s two or three in the morning, you can find Xu and his team.”
“Always in meetings, never lazy and always trying to find out all the best things about you.”
Where is Shein located?
Shein is a Chinese online fashion retailer based in Singapore.
It was founded in Nanjing, a bustling city some 620 miles south of Beijing.
The company has been likened to a drop shipping company as it does not design or manufacture its own products.
Rather, the retail giant sources its products from a clothing wholesale store in Guangzhou.
Shein reportedly moved its headquarters from China to Singapore in 2022 for regulatory, expansion and financial reasons.
Shein is also set to expand pop-up stores in major European cities.
What is Chris Xu Net Worth?
According to Forbes, Chris Xu’s net worth as of July 2023 is $10.5 billion.
His fast fashion outlet sells its products in more than 150 countries and generates a whopping annual profit.
In 2022, the company was reportedly worth $100 billion.
The 39-year-old is one of the richest men in China and is slowly becoming a notable e-commerce giant.