Asia Tech Wire (Jan 25) -- Singapore-based fast-fashion retailer Shein has a valuation as low as $45 billion, according to Bloomberg on Thursday.

This valuation came at a time when Shein investors were trying to sell their stake in the private market.

Shein's shareholders valued the company at between $45 billion and $55 billion when they offered shares late last year, the report said.

That's lower than any previous valuation of Shein, but even so, those Shein shareholders who plan to sell their shares have had trouble finding buyers, people familiar with the matter said.

The online retail giant has seen its valuation shrink steadily over the past two years as it pushes ahead with its U.S. IPO plans.

In May last year, Shein raised $2 billion at a valuation of $66 billion. And in April 2022, it hit a valuation of $100 billion at one point after closing a $1 billion funding round.

Founded in China in 2008 and currently headquartered in Singapore, Shein has quickly captured the global fast fashion market by catering to young consumers through social media.

Shein had confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), the Wall Street Journal reported in late November.

And Reuters said this month, citing sources familiar with the matter, that Shein was seeking Beijing's approval for its U.S. IPO.