Shein burst onto the internet scene around 2015, captivating fashion enthusiasts worldwide. It was a dream come true for Daniela Reyes when she discovered a whole world of Asian fashion at her fingertips. Ever since the brand launched its app in 2017, ordering clothes and receiving them within three weeks became a breeze.
One of the key factors that contributed to Shein’s rise to fame was YouTube influencers. Their popular “what I ordered vs. what I got” videos showcased the quality of Shein’s garments and left viewers satisfied.
However, while scrolling through hundreds of items on the app, Daniela couldn’t help but wonder, “Who are the owners of Shein?” Her doubts intensified following public scrutiny over the practices and working conditions in garment factories.
According to Bloomberg, the founders behind Shein are Chris Xu or Xu Yangtian, Miao Miao, Gu Xiaoqing, and Ren Xiaoqing. Their combined net worth is estimated to be nearly $40 billion.
Meet Chris Xu or Xu Yangtian, CEO of Shein
Chris Xu, the CEO, amassed one of the world’s largest fortunes in less than a decade. His net worth is valued at least $23.5 billion, according to Bloomberg’s Billionaires Index, which estimates his stake in Shein at around 34%.
Born in Shandong province in eastern China in 1983, Xu, also known as Chris, studied international trade and briefly worked at an online marketing company to boost website traffic and enhance sales. Chinese media portrays him as an average student from a humble background who had to work his way through university. Xu developed strong search engine optimization (SEO) skills, which would pave the way for his future success.
In 2008, he co-founded his first e-commerce venture, selling women’s clothing and accessories. Although the project didn’t take off, Xu crossed paths with the individuals who would become his most trusted executives: Miao, Gu, and Ren. Together, they launched Shein (pronounced “she-in”) in Nanjing in 2012.
As of now, Xu Yangtian ranks 58th on Bloomberg’s list of the wealthiest individuals globally. Shein was valued at $2.5 billion in 2018 and doubled that figure the following year. The company achieved $16 billion in sales in 2021 and had a valuation of $100 billion in April 2022.
Unraveling the Magnitude of Xu Yangtian’s Fortune
Xu Yangtian’s fortune of $23.5 billion is staggering. To put it into perspective:
- It equates to 12,200 ounces of gold.
- It represents 316 million barrels of oil.
- It accounts for 0.10% of the GDP of the United States.
- It comprises 0.328% of the total wealth of the world’s 500 richest individuals.
- It is equivalent to 5.9% of university donations in the United States.
- It represents 1.4% of total home sales in the United States.
With this remarkable information, it’s evident that Xu Yangtian has made an indelible mark on the fashion industry, building an empire that continues to shape the way we experience and consume fashion.
Sources: Bloomberg.
