Cross-border fashion e-commerce company SHEIN is now the most downloaded application in the United States, surpassing other powerhouses like TikTok, Instagram, Twitter, and even Amazon. Currently, Shein provides more than 600,000 products to more than 220 countries and regions across Europe, North America, the Middle East and South Asia. Bloomberg revealed earlier that the company’s valuation is expected to reach $100 billion. IDG Capital joined Shein's Series B round.

Gentle Monster and Moncler Genius, two fashion brands backed by IDG Capital, have joined forces to launch a collection of futuristic eyewear and outerwear designs. In celebration of the partnership, Gentle Monster and Moncler have launched a pop-up space in Gentle Monster’s HAUS DOSAN flagship in Seoul. The collection is displayed in immersive installations that blend the physical and digital worlds together. IDG Capital was an early investor in Moncler, which went public in Milan in 2013, and also invested in Gentle Monster.