Shein posts $99m quarterly loss as tariff changes squeeze U.S. sales
Fast-fashion platform Shein said in its first pre-IPO filing that U.S. revenue fell 14.3% year on year after the U.S. scrapped the de minimis tariff exemption and the EU imposed an added fee on low-value imports. It also reported a weaker operating margin and a sharply reduced expected IPO valuation of $40–$50 billion. Goldman Sachs, Morgan Stanley and JPMorgan are serving as joint sponsors for the Hong Kong IPO. The disclosure underscores the pressure that tighter cross-border trade rules can place on Chinese companies’ listing plans and on investment banks’ underwriting work.
