Shein, the fast-fashion giant, reported a 70% drop in profits for the first half of 2024, with earnings falling below $400M on $18B revenue. Rising competition from Temu has challenged Shein's market share, dampening growth. Revenue growth slowed to 23%, down from 40% in 2023. These setbacks complicate Shein’s plans for a London IPO, which aims to raise funds amidst investor frustration over stalled growth. Valued at $66B in 2023, Shein is now under pressure to reassure stakeholders, including major investors like Jafco Asia and Abu Dhabi’s Mubadala Investment Company, as regulatory scrutiny mounts in the UK and other major markets.
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