Chris Xu, the elusive CEO of Shein, has shunned the limelight, a choice that not only reflects his personality but also helps the company avoid heightened scrutiny. While it has become a trend among Chinese tech entrepreneurs to keep a low profile, Xu, also known as Sky Xu, has taken it to another level by remaining largely anonymous for years.
An Invisible CEO
According to the South China Morning Post, Shein has never publicly disclosed any photographs of Chris Xu, nor has he made any public speeches throughout his career—even as Shein has grown into a globally recognized e-commerce brand. The company has not released any IPO prospectus or operational details.
Former associates describe Xu as a quiet and humble individual. Liu Mingguang, a supply chain consultant for Shein from 2015 to 2021, remarked, “He is typically calm and unassuming.” Xu’s low profile appears to stem from his belief that any attention directed at him could lead to increased scrutiny for Shein.
In the early days of Shein, Xu, along with Henry Ren Xiaoqing, the company’s supply chain management director, sought Liu’s advice on sourcing clothing from Chinese wholesalers for international markets. Liu recalls, “Chris Xu listened intently and spoke little, only engaging in discussions after training sessions.”
Interestingly, many current and former Shein employees say that Xu, often seen with his distinctive glasses, goes unnoticed in the office. Typically, tech employees enjoy sharing memes about their bosses; however, due to the absence of any photographs of Xu, these memes consist only of text.
A Strategic Business Approach
A consultant who previously worked with Xu, choosing to remain unnamed to protect business relations, noted that Xu believes completing tasks holds more value than nurturing his own ego. The consultant stated, “He sees little benefit in putting himself in the spotlight.”
Despite Xu’s efforts to maintain anonymity, public scrutiny surrounding him has intensified, especially as he reportedly obtained residency in Singapore as part of Shein’s strategy to mitigate its relationship with China. It remains unclear whether Xu still holds a Chinese passport.
Navigating IPO and Market Challenges
Donald Tang, Shein’s executive chairman, mentioned at a recent Milken Institute conference in Los Angeles that the company can be considered Chinese due to its origins while also being a Singaporean entity because of its registration there. Furthermore, since the U.S. market represents Shein’s largest customer base, the company operates in accordance with American values.
Shein is currently preparing for an IPO, having submitted a confidential filing in the U.S. The company is working with leading underwriters like Goldman Sachs, JPMorgan, and Morgan Stanley. This confidential process allows Shein to engage with the U.S. Securities and Exchange Commission (SEC) without publicly disclosing details prematurely.
With a valuation estimated at $66 billion, the precise market value remains uncertain as Shein navigates various challenges, including accusations of forced labor and design theft. Despite these hurdles, Shein has gained popularity globally for its trendy designs at affordable prices. As the company aims for global expansion through its IPO, it may begin public trading as early as 2024.
