“Since moving ‘for love’ to the US aged 17 with $20 in his pocket, Donald Tang has been a dish washer, an investment banker and a media mogul, with his rags-to-riches tale winning him fame in his native China. But his latest role as executive chair of Shein, the fast fashion group that was valued at more than $60bn in a recent funding round, has propelled him on to the global stage as he helps lead its rapid expansion overseas and prepares it for a blockbuster London listing. With the company’s co-founder Sky Xu shying away from the limelight Tang is ‘the face and the most visible leader of the company’, according to one person who works with him. As both a Mandarin speaker and Asian-American executive, Tang has deftly navigated the business and policy climate in his native and adoptive countries as his career advanced. But as ties deteriorate between the US, Shein’s main market, and China, where it was founded and most of its clothes are made, his role is becoming more challenging.”
“Responsible for public affairs, business strategy, corporate development and finance, he now faces the task of getting an initial public offering over the line in London after ditching earlier plans to list in New York in the face of US political opposition. Born in Shanghai to academic parents, Tang met his future wife Jean at a maths competition when he was 14, and succeeded in skipping an academic year in order to be with her. He moved to California in 1982 to follow Jean when her family emigrated. He studied chemical engineering at California State Polytechnic University Pomona and worked in hospitality to make ends meet. Using his now wife’s salary to start day trading, he eventually landed a job at Merrill Lynch. After joining Bear Stearns in 1992, he quickly climbed the ranks to vice-chair of the firm and subsequently became chair and chief executive of its operations in Asia. He left, however, in 2008 as the investment bank lurched into the global financial crisis.”
“He facilitated Chinese conglomerate Dalian Wanda’s 2012 acquisition of US cinema chain AMC and in 2015 founded Tang Media Partners, a media holding company based in Los Angeles and Shanghai whose backers included Chinese internet group Tencent. He formally joined Shein in November 2022 as executive vice-chair, having advised Xu for more than a year. But it has not been plain sailing. The effectiveness of his lobbying efforts is in doubt after Shein’s plans for a foreign listing met a wall of scepticism in the US and the UK, mainly around Shein’s vast supply chain and allegations of links to forced labour in China’s Xinjiang region, which the company denies. Some executives at the company have begun to question whether Tang is the right person for the job, according to one Shein insider, especially after a faux pas in May at the Milken Institute conference in Los Angeles where he called Shein, now headquartered in Singapore, an ‘American firm’. The remarks received a cold reception in China.”
Chief Commercial Officer at exporto GmbH | Authentic Leader, passionate in scaling-up businesses | Doer - not a talker
8moThank you very much for this initiative as well as for role modeling how to bring people together. And for the courage to demonstrate your point of view in public! 💪