Sumary of Chinese fashion firm Shein on Singapore hiring spree as it shifts key assets there:
- China’s Shein is aggressively expanding its Singapore office after making a Singapore firm its de facto holding company, according to people with knowledge of the matter and a Reuters analysis of filings by the online fast-fashion retailer.
- Chris Xu, Shein’s founder and CEO, has also become a permanent resident of the city-state, according to a document.
- Shein, which Xu started in 2008 in Nanjing and has since grown into a global fashion marketplace, last year de-registered its main business, Nanjing Top Plus Information Technology Co Ltd, a Chinese corporate filing shows.
- The developments are in line with what other sources have previously told Reuters are revived plans by Shein to list in New York this year and Xu looking at a change in citizenship to bypass tougher Chinese rules for offshore IPOs.
- Singapore-registered Roadget Business Pte, which lists Xu and three others as its representatives, was established in 2019 and since late 2021 has been the legal entity operating Shein’s global website, Singapore filings show.