Fast Fashion Platform SHEIN Tops US Downloads for First Time
Cross-border fashion e-commerce company SHEIN is now the most downloaded application in the United States, surpassing other powerhouses like TikTok, Instagram, Twitter, and even Amazon, according to data released Tuesday by Marketplace Pulse, an e-commerce market research firm.
SHEIN was previously the most downloaded app in the shopping category, but on May 3 it became the number one in all categories on the iPhone App Store. It first topped the shopping category in May 2021 and was the second most popular shopping app globally in 2021. It still ranks first in shopping categories in dozens of countries.
The research firm pointed out that Alibaba‘s online retail service AliExpress and American online e-commerce platform Wish started early, but delivery is difficult to predict, and the choices are confusing. Many Chinese sellers flocked to Amazon because FBA provides a stable delivery and return experience. But SHEIN has come out on top because it controls the supply chain from design and prototyping to manufacturing and delivery.
Data from market research company Sensor Tower show that SHEIN’s ranking has been rising since the beginning of this year (app downloads do not mean usage, but they show momentum). The app’s network traffic trails only Macy’s, an American chain of department stores, among the US clothing retailers. In addition, 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 and featuring affordable prices and stylish designs. At present, this online retailer is providing more than 600,000 products to more than 220 countries and regions across Europe, North America, the Middle East and South Asia.
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According to Chinese commercial inquiry platform Tianyancha, SHEIN has completed six rounds of financing up to now, including a $5-million round A financing, $300-million round B financing, several-hundred-million-dollar round C financing, $500-million round D financing and several-hundred-million-dollar round E financing. 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 negotiations, and its valuation is expected to reach $100 billion, exceeding the sum of H&M and Zara. However, regarding to this news, the e-commerce platform has refused to comment on market rumors. In addition, regarding the question of whether this financing means the firm is restarting the IPO process, it replied, “As explained before, the company has no IPO plan.”