Lost Its Shein? Why the Fashion Giant’s Value Has Slumped

Shein is now a much larger company than it was in 2022, yet investors value it at less than a third of the figure attached to the fast-fashion giant four years ago. After unsuccessful attempts to list shares in New York and London, Shein debuted in Hong Kong this week with a valuation below $27 billion.

That compares with the roughly $100 billion valuation the company reached when it raised private funding in 2022. At the time, Shein’s sales were thought to be about $27 billion and its profit around $700 million. Last year, revenue exceeded $41.8 billion and profit topped $2 billion. On those figures alone, the lower valuation may seem difficult to explain.

But a stock-market valuation reflects more than a company’s current performance. Timing and investor mood can matter just as much. At present, market attention is heavily concentrated on artificial intelligence, leaving less enthusiasm for many other businesses.

More importantly, investors are placing a bet on future earnings. Shein continues to grow, but the pace has weakened. Sales rose about 19% between 2022 and 2023, nearly 21% between 2023 and 2024, and only 8% between 2024 and 2025. The slowdown has continued into 2026.

That does not necessarily mean consumers have abandoned fast fashion. It suggests that investors no longer see Shein as the same retail juggernaut, with the same ability to increase sales at extraordinary speed. The company’s lower valuation reflects that changing expectation about its future.