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What is Chris Xu’s Net Worth?
Chris Xu, also known as Xu Yangtian, has an estimated net worth of $21.5 billion. He is the enigmatic founder and CEO of Shein, the global fast-fashion e-commerce giant.
However, it’s important to note that this estimate is based on Shein’s limited financial disclosures, and the company has disputed this figure without providing alternative information.
Other sources provide different estimates of Xu’s wealth. Forbes, for instance, reported in late 2022 that Xu debuted on China’s 100 richest list with a net worth of $10 billion. The Hurun China Rich List, a popular wealth ranking in China, calculated Xu’s net worth at approximately $7.2 billion at the end of 2022.
In April 2022, Shein was valued at $100 billion, but subsequent private trades have valued the company lower, potentially affecting Xu’s personal wealth. As Shein prepares for a potential public listing, more accurate assessments of Xu’s net worth may become available.
Here’s the breakdown of Chris Xu’s net worth:
Name: | Chris Xu |
Net Worth: | $21.5 Billion |
Date of Birth: | 1984 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life and Education
Chris Xu, also known as Xu Yangtian, was born in 1984 in the Shandong province of China. He grew up in a modest family, with his parents working in state-owned factories.
Despite his humble beginnings, Xu’s family placed a high value on education, which played a crucial role in his early development. Xu attended Qingdao University of Science and Technology, where he studied international trade and graduated in 2007.
Career Beginnings
After graduating from university, Chris Xu moved to Nanjing, where he began his career as an SEO specialist at a marketing consultancy firm. His role involved optimizing search engine results, a skill that would later prove invaluable in his e-commerce endeavors.
In 2008, recognizing the potential of cross-border e-commerce, Xu left his job to start his own company, Nanjing Dianwei Information Technology, with two partners, Wang Xiaohu and Li Peng.
Initially, the company sold a variety of products, from teapots to mobile phones, but eventually focused on clothing due to its high demand and profitability. Xu’s expertise in SEO helped the company identify and capitalize on emerging trends, setting the stage for his future success in the fast-fashion industry.
Shein
In 2011, Chris Xu founded SheInside, an online retailer specializing in wedding dresses. This venture marked the beginning of what would eventually become Shein. The company initially operated as a drop-shipping business, sourcing products from Guangzhou’s wholesale clothing market and selling them directly to consumers.
In 2015, SheInside rebranded to Shein, reflecting a broader focus on fast fashion and a commitment to providing trendy, affordable clothing to a global audience.
Under Xu’s leadership, Shein developed a highly efficient supply chain, leveraging data analytics to predict fashion trends and respond quickly to market demands. This approach allowed Shein to offer a vast array of styles at competitive prices, propelling the company to the forefront of the fast-fashion industry.
Today, Shein serves customers in over 150 countries and continues to expand its market presence, driven by Xu’s innovative vision and strategic acumen.
Controversies
Chris Xu’s leadership of Shein has not been without significant controversies. One of the most prominent issues involves allegations of forced labor.
In 2022, a Bloomberg investigation revealed that Shein sourced cotton from China’s Xinjiang province, where there is evidence of forced labor involving the Uyghur population. This revelation came despite the U.S. passing the Uyghur Forced Labor Prevention Act in 2021, which barred products from Xinjiang from entering the U.S. due to the presumption of forced labor. Shein managed to bypass this act by shipping its products directly to customers, avoiding inspections at large shipment warehouses.
In addition, Shein has faced criticism for its labor practices. Investigations by organizations like Public Eye have reported that Shein workers clock in 75-hour work weeks, and other reports allege violations such as forced labor, intellectual property theft, and the use of potentially hazardous materials in clothing.
Another controversy surrounds Xu’s departure from his previous business venture, SheInside, which was the predecessor to Shein. Former business partners Wang Xiaohu and Li Peng have claimed that Xu took control of the company’s PayPal accounts without warning and ignored their calls, effectively pushing them out of the business.
Personal Life
Xu has never given an interview and rarely comments outside of official press releases. This has led to a situation where very little is known about his personal life, including details about his family or personal interests.
Reports suggest that Xu now resides in Singapore, where Shein is headquartered, and he has become a permanent resident there, potentially as a step towards citizenship.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
