Shein Executive Chairman Donald Tang will step down as his mission of taking the company public nears completion, three sources with direct knowledge of the matter said on Monday, retreating to an advisory role after three years as the public face of the global fast-fashion retailer.
A Chinese-American billionaire who began his career in banking, Tang has acted as the Western proxy of secretive Shein founder Sky Xu, liaising with politicians and regulators around the world while also representing the e-commerce group at conferences and other public events.
His planned departure raises the question of whether Xu will now step into the spotlight, assign one of his co-founders to that role, or bring in another external leader.
Tang, 63, will move to a role as senior adviser and continue to work closely with the management team for the foreseeable future, said a source with knowledge of the company’s thinking, adding that there is no fixed timetable for the transition.
Tang, who is based in Los Angeles, was introduced to Xu by Neil Shen, founding and managing partner of HSG, formerly Sequoia Capital China, and chosen for the role because of his experience managing businesses between China and the United States as well as his connections in finance and politics, one of the sources said.