Fast-fashion retailer Shein is in talks to raise up to $3 billion in funds at a valuation of $64 billion, down a third from the $100 billion the company was valued at last April, the Financial Times has reported, citing sources familiar with the negotiations. The Singapore-headquartered company is seeking a new round of funding from existing investors including Abu Dhabi sovereign wealth fund Mubadala, Sequoia China, and General Atlantic, all of which participated in Shein’s last funding round. These investors will receive more shares in the Chinese fashion retailer as they reprice their investments following the new valuation, the report added. “Shein disputes the accuracy of some of the information,” a spokesperson told the outlet. [Financial Times]