Asia Tech Wire (Nov 14) -- Singapore-based online fast fashion platform Shein has appointed Henry Ren Xiaoqing as chief risk officer (CRO) ahead of its London IPO.

The "CRO office" has become a Tier 1 division of Shein, after Ren served as general manager of another Tier 1 division, Fulfillment & Textile Innovation Center (FTIC).

Ren was a member of Shein's founding team and led the development of the company's supply chain, including fabric resources, garment factories, warehousing and logistics, and the textile innovation center.

Notably, supply chain capability is Shein's most unique strength.

After Ren became CRO, Leonard Lin, Shein's head of global public affairs, reported to him.

Founded in Nanjing in 2008, Shein specializes in cross-border fast-fashion women's apparel.

Thanks to its low-priced strategy, Shein has experienced over 10 years of rapid growth, realizing more than $30 billion in gross merchandise volume (GMV) in 2023.

However, due to factors such as development stage and competitor Temu, Shein's growth rate has now slowed down.

According to The Informationm, in the first half of 2024, Shein generated $18 billion in revenue, a year-on-year growth rate of 23%, down from 40% in the previous year.

And during the same period, Shein's profit plunged more than 70% to less than $400 million.

Shein is seeking to list in London as it faces pressure on profitability.

Early in October, several media outlets reported that Shein founder Chris Xu Yangtian had taken a rare trip to the UK to attend informal roadshows in preparation for the upcoming IPO.

At the end of October, Bloomberg reported that Shein's executive chairman, Donald Tang, arranged and accompanied by FGS Global partner Kamella Hudson, attended two meetings with key officials from the U.K. Treasury to engage in political lobbying.