After four years hitting heads with U.S. and U.K. regulators, Shein will get its IPO. But the valuation has come down a long, long way from the heady post-pandemic days.

The fast-fashion giant’s projection valuation has plummeted in the face of intensifying competition and rising costs overseas

Shein targets a Hong Kong IPO around September 1, 2026, with a valuation of $26-40B, down sharply from its $100B peak as profits decline and US