- Shein's profit dropped to $2.064 billion in 2025, a 38.7% decline from $3.365 billion in 2024, despite revenue growth.
- Shein's revenue grew by 8% in 2025, reaching $41.8 billion, up from $38.7 billion in 2024 and $32.1 billion in 2023.
- Shein has filed for a Hong Kong IPO, laying the groundwork for investor roadshows and official bookbuilding ahead of the offering expected in late August or early September.
- Approval from the China Securities Regulatory Commission was granted on July 10 for Shein's Hong Kong listing, reviving its IPO plans after previous attempts in New York and London.
- Shein's net income in 2025 reflects a challenging consumer environment, indicating a significant drop in profitability despite increased sales.
- Shein's IPO is expected to test investor appetite for large consumer listings amid a weaker retail spending environment.
Shein, the fast-fashion e-commerce giant, is set to make its long-anticipated debut on the Hong Kong stock market after receiving approval from the China Securities Regulatory Commission on July 10.4
The company’s draft prospectus indicates a revenue increase to $41.8 billion in 2025, up from $38.7 billion in 2024 and $32.1 billion in 2023, reflecting ongoing sales growth despite a challenging consumer environment.
However, Shein's net income has sharply declined by 38.7% to $2.064 billion in 2025, down from $3.365 billion in 2024.5
This stark contrast between revenue growth and profit decline highlights the pressures facing the retail sector, particularly among lower- to middle-income shoppers.
The IPO, expected in late August or early September, will be a significant test of investor appetite for large consumer listings, especially as many brands have postponed their offerings due to weak market conditions.
Shein's filing lays the groundwork for investor roadshows and official bookbuilding, marking a pivotal moment for the company as it seeks to capitalize on its growth trajectory while navigating a complex economic landscape.
“Shein's net income fell 38.7% to $2.064 billion in 2025, while revenue grew 8% to $41.8 billion. The China Securities Regulatory Commission approved the Hong Kong listing on July 10, reviving plans after the retailer failed to list in New York and London.”
CNBC
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