Shein began to be a sensation in the internet world around 2015. Daniela Reyes says that it was wonderful for her to find a whole world of asian fashion at your fingertips, since since 2017 the clothing brand had an app. Since then, it has been very easy to place an order and have it arrive in less than three weeks.
A potential channel for Shein became known were the influencers of YouTube, with the typical video ‘what I asked for vs. what came to me”, where they showed the quality of the garments and how satisfied they had been.
However, one fine day, seeing hundreds and hundreds of garments on her app, Daniela wondered: Who are the owners of Shein? Doubts grew after public scrutiny over maquiladora working practices and conditions.
According to Bloombergtheir founders are Chris Xu or Xu Yangtian, Miao Miao, Gu Xiaoqing and Ren Xiaoqing and the combined net worth of their fortunes is nearly 40 billion US dollars.
Who is Chris Xu or Xu Yangtian, CEO of Shein?
Xu Yangtian, CEO, took less than 10 years to create one of the greatest fortunes in the world. worth at least 23 thousand 500 million dollars, according to the Billionaires Index of Bloombergwhich estimates its stake in Shein at around 34 percent.
Born in Shandong province, eastern China, in 1983, Xu aka Chrisstudied international trade and briefly worked at an online marketing company to help drive website search traffic and promote sales.
According to Guardian, the Chinese media describe him as an average student from a poor background, who had to work to support himself at university. He developed a skill with optimization search engine optimization (SEO) that would underpin your future success.
She later established her first e-commerce company with two partners in 2008 to sell women’s clothing and accessories.
The project didn’t get off the ground, but he met the people who would soon become his most trusted executives: Miao, Gu and Ren with whom he teamed up to start Shein (pronounced “she-in”) in Nanjing in 2012.
To the date Xu Yangtian is ranked 58th among the richest people in the worldaccording to Bloomberg. Shein’s valuation reached $2.5 billion in 2018 and doubled the following year.
The company had sales of $16 billion in 2021 and was worth $100 billion in April 2022.
How much is Xu Yangtian’s fortune equal to?
Xu Yangtian’s $23.5 billion is equal to:
- 12 thousand 200 ounces of gold.
- 316 million barrels of oil.
- It represents 0.10 percent of US GDP.
- It is 0.328 percent of the total wealth of the world’s 500 richest people.
- 5.9 percent of US college donations.
- 1.4 percent of total home sales in the United States.
With information from Bloomberg.