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 was valued at about $50 billion in early 2021, produces clothing in China to sell online in the United States, Europe and Asia but doesn't sell in China. Melissa Ow, executive vice president of the Singapore Economic Development Board, declined to comment on whether the board has had discussions with either Shein or Xu.Shein aims to quadruple the number of its Singapore employees to around 200 by the year's end, two people familiar with the matter told Reuters.
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