Online fast-fashion retailer Shein has revealed its financial details for the first time in its draft prospectus filed with the Hong Kong stock exchange as part of its initial public offering (IPO). The company swung to a $99 million quarterly loss due to slowing sales after the U.S. removed an import duty exemption on small packages and a hefty one-time accounting charge.

Financial Details

Shein’s annual revenue grew from $32.1 billion in 2023 to $38.8 billion in 2024 and $41.9 billion in 2025, representing a compound annual growth rate of 14.2% over the two-year period, driven by an expanding product catalog and customer base. The company’s growth has increasingly come from markets outside the United States, with Europe overtaking the U.S. as its biggest market in 2024.

The relative contribution from the U.S. fell from 29.4% in 2023 to 24.1%, or $10.1 billion, in 2025, as growth slowed after Washington stopped exempting small packages from import duties. Total revenue in the first quarter grew by a modest 1.1% to $9 billion from a year earlier, with revenue from the U.S. falling 14% to $2 billion in the first quarter of 2026 from a year earlier.

Valuation and Outlook

Shein was valued at $98.2 billion during its fundraising exercise in 2022, but the valuation dropped to $64 billion two years later. The company is seeking a valuation of $40 billion to $50 billion in its IPO. Product sales accounted for the vast majority of top-line performance, making up nearly 90% or $37.1 billion of revenue in 2025, while service revenues grew from $868 million to $4.7 billion during the same period.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.