Shein, the fast-fashion retailer, may see its valuation cut to approximately US$30 billion, according to sources familiar with the matter.

The company was valued at over US$100 billion in 2022, but this adjustment is reportedly intended to support its anticipated initial public offering (IPO) in the UK.

After initial plans to launch the IPO in the US faltered, Shein decided to apply for the listing in London.

The company confidentially filed for a London IPO in June 2023.

Following private market sales in early 2023, Shein’s valuation declined steadily, with estimates placing it at around US$45 billion.

Shein did not respond to inquiries regarding the reduction in valuation or updates on its IPO plans.

Recent Shein developments