Hong Kong shocks Shein as fashion shifts

Chinese fast fashion company Shein announced the start of trading its shares in Hong Kong after failed IPO attempts in New York and London. The company managed to raise $1.7 billion, with a market value of $26.5 billion, reflecting weak demand and a decline in its valuation to less than a third of its 2022 peak, which was $98.2 billion. The decline in performance occurred amid reduced demand due to the elimination of customs exemptions in the United States and Europe, increased competition from companies like Timo, as well as a 39% drop in profits last year and losses in the first quarter of this year. Despite being based in China and founded in 2012, the company has failed to expand its markets effectively, which has hurt its profits and weakened its position against competitors in the fast fashion industry.

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