Since moving to the United States at 17 “for love” with only $20 in his pocket, Donald Tang has held a multitude of roles, from dishwasher to investment banker to media mogul, earning fame in China along the way. Now, as the executive chair of Shein, a fast fashion group recently valued at over $60 billion in a funding round, Tang is stepping onto the global stage. He is instrumental in the company’s rapid international expansion and its preparation for a significant listing in London.
With Shein’s co-founder Sky Xu largely staying out of the public eye, employees often joke that they wouldn’t recognize him in an elevator. Tang, meanwhile, has become the “face and the most visible leader of the company,” according to an individual working closely with him.
As an Asian-American executive fluent in Mandarin, Tang has skillfully managed the business and policy landscapes in both his native and adoptive countries throughout his career. However, with growing tensions between the US—Shein’s primary market—and China, where the company was founded and manufactures most of its clothes, Tang’s role has grown more complex.
Responsible for public affairs, business strategy, corporate development, and finance, Tang is now tasked with navigating an initial public offering (IPO) in London, having abandoned earlier plans for a New York listing due to political resistance in the US.
Born in Shanghai to academic parents, Tang met his future wife Jean at a math competition when he was 14, even skipping an academic year to be with her. He followed her to California in 1982 when her family emigrated. Initially struggling with his English, Tang improved his language skills through conversations with friendly retirees during long bus rides to English classes.
Tang studied chemical engineering at California State Polytechnic University Pomona and worked various jobs in the hospitality industry to make ends meet. “I didn’t take any vacations during my first 12 years in the US,” he recalled in an interview with Securities Market Weekly. Despite being underpaid as a dishwasher due to his immigration status, he persisted, using his eventual wife’s income to start day trading, which led him to a job at Merrill Lynch. His career in finance soared when he joined Bear Stearns in 1992, eventually rising to vice-chair and later becoming the CEO of its operations in Asia.
“China is my birthplace,” Tang told Chinese media. “My achievements in American society are still dependent on China’s rise and development.” He left Bear Stearns in 2008 as the financial crisis unfolded and the bank was absorbed by JPMorgan Chase & Co.
Known for his penchant for sharp dressing, including snakeskin shoes, and often seen with his miniature Australian shepherd dog, Saatchi, Tang’s next venture involved bridging China and Hollywood. He facilitated the 2012 acquisition of AMC theaters by Chinese conglomerate Dalian Wanda and founded Tang Media Partners in 2015, which acquired Open Road Films two years later. However, this venture faced challenges, leading to the filing of Chapter 11 bankruptcy for several divisions of Open Road in 2018.
Tang formally joined Shein in November 2022 as executive vice-chair, having advised Xu for over a year. Described as “charismatic and intelligent” by colleagues, Tang has helped shape Shein’s future, though his effectiveness in lobbying remains under scrutiny. Skepticism surrounding Shein’s vast supply chain and allegations of forced labor in China’s Xinjiang region, which the company denies, have complicated plans for foreign listings. Shein’s recent launch of a €200 million “circularity fund” aims to address fashion waste and encourage collaboration among various stakeholders.
Some within Shein question if Tang is the right fit for his role, especially after a controversial statement at the Milken Institute conference in Los Angeles where he referred to Shein as an “American company,” a comment poorly received in China. Furthermore, a meeting with the UK’s former Chancellor Jeremy Hunt was perceived by some as a tactic to pressure US listing authorities, though Shein denied publicizing the talks.
While the UK’s new Labour government has expressed support for Shein’s IPO, the listing is contingent on approval from Beijing, given that most of Shein’s staff and manufacturing operations are based in China. Should the IPO face insurmountable obstacles, Tang, a master of reinvention, may soon find himself charting a new course.
