MMM: Fashion Retailer Shein has Raised $2B, Valuation of $64bn

Key Takeaways:

• Shein completed a financing raise of $2bn at a valuation of $64bn, down from the $100bn valuation in spring 2022 with reported plans to IPO sometime in the near future

  • The Shein app has experienced three consecutive years of download and MAU growth YoY, per Sensor Tower data; in 2022, downloads and MAU grew 8.2% and 24% YoY, respectively

  • In Feb’23, consumers spent an average of 26 min/week on Shein’s app, significantly higher than most of its peers, though marketplace app Temu was slightly higher at 30 min/week. The average for the group was ~17 min/week, per Sensor Tower Consumer Intelligence

• LGBTQ dating company Grindr, down 82% since its Nov’22 IPO, posted strong growth in direct revenue in 4Q22, up 27% YoY vs Sensor Tower net bookings for the Grindr app which increased 48%

  • Grindr differentiates itself from other dating apps with its higher levels of user engagement as the app has become more akin to a social media platform rather than a pure play dating app: Sensor Tower Consumer Intelligence data indicates that the average time spent per user on Grindr clocked in at roughly 3 hours/week on the app in Dec’22 vs less than 52 mins/week for Tinder, Badoo, Hinge, and Bumble

  • Grindr also saw reported MAUs climb throughout last year, ending 2022 with 12mn MAUs (up 9% YoY) while ST MAUs increased 7% YoY, also crossing the 12mn mark in 2022

For more information, request the full report from reports@sensortower.com.