Shein's Tang exits chair as Xu takes CEO role ahead of HK IPO

Shein Executive Chairman Donald Tang will step down as his mission of taking the fast-fashion retailer public nears completion, Reuters reported.

CEO Sky Xu will add the chairman title, effective immediately. Xu will lead the company through an initial public offering in Hong Kong that could come as soon as later this year, sources told the wire.

Tang, a former investment banker, joined Shein in 2022 to pilot the IPO process. He will remain a senior adviser through year-end.

The leadership change comes as Shein works through Hong Kong exchange listing requirements and faces ongoing regulatory scrutiny over its supply chain and labor practices. The company is valued at roughly $30 billion in the private market, down sharply from a $100 billion peak in 2022.

Shein filed confidentially with Hong Kong regulators earlier this year after abandoning a London listing plan that faced pushback from U.K. lawmakers.