For a while, it seemed like Shein was set for world domination. The China-founded company heralded a new era for fast fashion, one whereby new items were uploaded within hours, and entire outfits could be bought for under £5. This was fast fashion on drugs, and the high became addictive. In the year to the end of March, Shein had more than 273 million active customers who placed more than a billion orders.
Now, it looks like the golden age might be losing its shine. On Tuesday, shares in Shein fell by 6 per cent, a surprising drop for the company that was once valued at $100bn (£73bn); now, after having gone public on the Hong Kong stock exchange, it’s worth just a quarter of that figure. The somewhat lacklustre performance comes after Shein’s failed efforts to list in New York and London, with the former being blocked by regulators over concerns regarding forced labour. Similarly, in the UK, a £50bn flotation was hindered by queries about the company’s supply chain.
