Shein’s net revenue fell to a loss of $99 million (£74.4m) in the first quarter of this year, down from a $395m profit a year earlier, the company revealed in a regulatory filing, after the US and the EU imposed fees for low-cost parcels.
The China-founded, Singapore-based firm made the disclosure in a draft prospectus, as it prepares for what could become the largest cross-border e-commerce Hong Kong IPO this year.
Revenue grew 8 percent in 2025 to reach $41.8bn for the year, before moving into a loss in the first three months of 2026 due to the removal of de minimis exemptions for low-cost parcels in the US and the EU.
Image credit: Shein
Trade barriers
