Taking matters into their own hands, Chinese entrepreneurs are tapping overseas markets more than they ever did in the past.
They are keen to draw in new consumers, especially the resilient Americans who shop like billionaires. They are also running away from a crowded home base, where a race-to-the bottom mentality still dominates.
These modern seafarers are being rewarded with resounding success. Shein, the online fast fashion platform whose supply chain is largely rooted in the southern Guangdong province, has filed to go public in the U.S. in what could be one of the world’s biggest IPOs. Backed by the likes of UAE’s sovereign wealth fund, Mubadala, it was valued at around $66 billion in May.