(Reuters) -Chinese fashion retailer Shein is in talks to raise up to $3 billion at a reduced valuation of $64 billion, the Financial Times reported on Wednesday, citing people with knowledge of the negotiations.
The latest valuation would be nearly 36% less than the $100 billion the company was reportedly valued at in a funding round last year.
The online retailer is seeking to close a new fundraising round from existing investors including Abu Dhabi sovereign wealth fund Mubadala, venture capital group Sequoia China and private equity group General Atlantic, the report added.
Shein did not immediately respond to a Reuters request for comment.
A selloff in global markets following Russia’s invasion of Ukraine and subsequent Western sanctions served as a final blow, prompting companies, including Shein, to put their U.S. listing plans on hold, Reuters reported last year.
(Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel)
