Chinese fast fashion retailer Shein is reportedly working to raise around $1bn at a valuation of about $100bn.
Sources said that with negotiations underway, the details of the potential transaction may change.
Shein’s representatives did not reply immediately to Bloomberg’s queries, while an official for General Atlantic also refused to comment.
In May last year, the retailer said it was valued at several billion dollars and had no short-term plans for an initial public offering (IPO).
Founded in 2012, Shein has operations in Guangzhou, Singapore, Los Angeles and other markets.
According to a recent press release, the company serves consumers across more than 150 countries and regions, delivering more than 6,000 new fashion, beauty and lifestyle products daily.
The retailer’s product portfolio includes more than 600,000 items. Last year, it registered more mobile app downloads for US stores than Amazon.
Shein is backed by investment firms Tiger Global Management, IDG and Sequoia.
In February, the company shelved its plans to list in New York due to unstable capital markets amid Russia’s attack on Ukraine.
Reuters had reported that Shein had restored these plans the previous month.
According to sources, the company’s founder was said to be considering a citizenship change to evade proposed tougher rules for offshore IPOs in China.
Shein also revealed in February that it planned to strengthen its workforce in Singapore and employ around 200 colleagues in the country by the end of this year.
The retailer is currently hiring for roles in several fields, including e-commerce marketing, influencer marketing, social media marketing and public relations.
In addition, the company is seeking to expand its Singapore offices to support its growth in South-East Asia.