Shein raised a $2B funding round.
The round reduced Shein's valuation by a third of what it was in 2022.
- The funding round valued Shein at $66B, down from $100B last year.
- The round was led by Sequoia Capital, General Atlantic, and Mubadala, the U.A.E.'s sovereign-wealth fund.
- Shein's labor practices and supply chain are facing scrutiny from U.S. regulators.
- U.S. authorities are cracking down on Chinese firms amid rising tensions between Washington and Beijing.