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Mubadala-backed Shein to invest $271m in Europe

People walk past an advertisement for Shein in London. The company says it is investing in textile recycling startups in the UK Reuters/Suzanne Plunkett
People walk past an advertisement for Shein in London. The company says it is investing in textile recycling startups in the UK

Chinese fashion retailer Shein, backed by the UAE’s Mubadala sovereign wealth fund, will invest €250 million ($271 million) over the next five years in the UK and Europe to expand its online business.

The company has allocated €50 million for potential investments in research and development or pilot production facilities in Europe or the UK.

Shein, which is gearing to launch a possible initial public offering on the London stock exchange, sources majority of its products from China.

The share of Shein products made in Turkey is currently “insignificant” compared to China, but it is growing fast, Shein executive chairman Donald Tang told Reuters.

The company is “keeping options open,” he said, without providing details on the sourcing destinations.

The fashion retailer was valued at $66 billion in a fundraising round last year.

In addition, Shein is launching a €200 million “circularity fund” to support start-ups and businesses across the UK and the EU to develop textile recycling innovation.

Businesses, financial institutions and global sovereign wealth funds have been invited to co-invest in the fund.

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