Donald Tang, executive chairman of fast-fashion giant Shein, will step down and move to a senior advisory role, three sources told Reuters on Monday. The move comes as the company’s long-delayed IPO nears completion, with no fixed timetable set. Tang, a Chinese American billionaire and former banker, has spent three years as the public face of the secretive company, acting as a Western proxy for founder Sky Xu. Shein’s IPO path has been turbulent: a New York listing failed amid regulatory pushback and a London attempt stalled, prompting a pivot to Hong Kong. One source said Xu, not Tang, will lead the investor roadshow.

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