Shein outshines H&M as IPO approaches

[Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Shein’s solid financials as it eyes an IPO]( - Zepto parent firm baggint the biggest fund round of last week --------------------------------------------------------------- Hello {NAME} A fashionista I am not, but I do enjoy a bit of clothing bargain hunting. I was recently in Hoi An in central Vietnam with some friends and if you’ve ever been, you’ll know it’s the perfect place to restock your wardrobe. There are tailors on practically every corner of the town’s old quarter that do sterling work for affordable prices. However, one member of our group did try to compare some of the prices we were offered in-person to similar options available online. That struck the rest of us as being a bit unfair on the vendors, as how are they supposed to compete with fashion giants that have economies of scale and myriad other advantages? The vendors of Hoi An certainly don’t have a war chest like online fashion retailer Shein does. The China-founded firm’s 2022 financials were recently released and its eye-popping revenue growth likely augurs well for a potential IPO. -- Peter  ---------------------------------------------------------------  THE BIG STORY [Shein’s 2022 sales grow 4x ahead of IPO to close in on Zara]( The ultra-fast fashion firm carried this momentum into 2023, acquiring Forever 21 and Missguided to capture further growth. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Weekly funding: Zepto parent firm bags biggest round]( Keep track of all the startup investment activities in Asia through our weekly funding list. --------------------------------------------------------------- KL CONFERENCE EXCLUSIVE: NETWORKING NIGHT ON JULY 24 The future of tech is in the connections you make at Botanica+Co Join us for Tech in Asia Conference Kuala Lumpur's Networking Night, where you'll get the opportunity to connect with the brightest minds and most influential players in Asia's tech ecosystem, all while enjoying panoramic city views and delicious treats. 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