Shein Faces IPO Hurdles as Profits Drop

Chinese fast fashion retailer Shein saw its net profit drop by 40% in 2024, potentially jeopardizing the company’s ongoing push for an initial public offering on the London stock exchange.

According to Financial Times, Shein’s $1 billion in net profit was well below the $4.6 billion the company had projected for the year. That now has some investors and stakeholders questioning the retailer’s $66 billion valuation from 2023, which could force Shein to lower that number to around $30 billion in order to facilitate its IPO, sources tell the Times. 

Shein also faces an uncertain future in the U.S., with the Trump administration looking …