Shein expands its workforce in Singapore amid relocation of key assets
Category: #headlines |   By Pankaj Singh |   Date: 2022-02-17

Shein expands its workforce in Singapore amid relocation of key assets

Shein, a Chinese fashion label, is reportedly expanding its Singapore headquarters after declaring a Singapore entity to be a de facto controlling company. The company aims to quadruple its Singapore workforce to around 200 employees by the end of this year.

Shein also stated that it is developing its Singapore offices to boost growth in Southeast Asian markets. The company is advertising for positions including government relations associates, marketing & IT personnel, and human resource managers.

For those unaware, Shein was founded by Chris Xu in Nanjing in 2008 and has since evolved into a global fashion marketplace. The firm de-registered its main business, Nanjing Top Plus Information Technology Co Ltd. last year.

According to sources, Xu recently become a permanent resident of Singapore, and Shein's intentions to list in New York this year have been rekindled, with Xu considering changing citizenships to avoid China's stricter restrictions for offshore IPOs.

Roadget Business Pte, a Singapore-registered company with Xu and three other representatives, was founded in 2019 and has been the legal body in charge of Shein's global website since late 2021, according to Singapore filings.

Roadget now owns Shein's trademarks as well as Guangzhou Shein International Import & Export Co. Ltd., which were acquired from Hong Kong's Zoetop Business Co, which had been involved in intellectual property disputes with multinational corporations. Shein's LinkedIn company profile page also lists Singapore as its headquarters.

The firm would not explicitly respond to questions about whether it had relocated its legal and administrative headquarters to the city-state, instead stating that it has offices in important markets such as China, Singapore, and the United States.

Shein, which had a market capitalization of around USD 50 billion in early 2021, manufactures garments in China for online sales in the United States, Europe, and Asia, but does not sell in China.

Source Credits –

https://money.usnews.com/investing/news/articles/2022-02-16/exclusive-chinese-fashion-firm-shein-on-singapore-hiring-spree-as-it-shifts-key-assets-there

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Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

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