Apr 30, 2025 - Business

Shein IPO on the line, as it ponders tariff-driven restructuring

Dan Primack

Shein bag — Photo: Rodrigo Arangua/AFP via Getty Images

Low-cost apparel retailer Shein is exploring ways to restructure its business in response to new tariffs, including the diversion of U.S. market manufacturing to countries outside of China, according to the FT.

Why it matters: This almost certainly would delay Shein's IPO on the London Stock Exchange, which has been expected to occur within months.

First, because Shein still needs Chinese regulatory approval for the IPO, and such relocation may anger Beijing.
Second, it could cut into investor interest by reducing U.S. sales, at least in the short term, since Shein doesn't yet have adequate supply chain infrastructure beyond China.

By the numbers: Shein was valued by VCs at $100 billion in 2022, but one year later that figure was slashed to $66 billion.

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Shein IPO on the line, as it ponders tariff-driven restructuring

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