SHEIN'S IPO VALUES COMPANY AT $26B, DOWN 74% FROM 2022

Shein Global Holdings completed its public listing at $26 billion—a stark drop reflecting shifting market conditions for the once-hot startup. The Chinese e-commerce company, known for ultra-cheap clothing and rapid inventory turnover, faces headwinds from multiple directions. Rising tariffs on imports into key markets like the US have compressed margins, while new competitors including Amazon and TikTok Shop have eroded Shein's market dominance. Shein's valuation peaked around $100 billion in 2022 during the pandemic-driven e-commerce boom. The Hong Kong IPO at nearly a quarter of that suggests investor caution about the company's growth trajectory and regulatory risks in its home country. The company still ranks among the world's largest fashion retailers by some metrics, but the valuation gap underscores how dramatically investor sentiment has shifted toward fast-fashion startups that face sustainability scrutiny and slowing growth.