Shein's First-Quarter Revenue Nears $10 Billion Amid Tariff Concerns

Shein Group Ltd. reported a significant first-quarter financial performance, with net earnings surpassing $400 million and revenues approaching $10 billion, driven by consumers purchasing ahead of impending US tariffs, sources familiar with the matter disclosed. This financial boost increased the company's profit margin to approximately 5%. Shein issued a statement denying the accuracy of these figures without further details. The company's plans for an initial public offering (IPO) have faced hurdles, with an initial US listing plan falling through amid scrutiny of its supply chain and labor practices. Shein considered the UK market before ultimately filing confidentially in Hong Kong, according to Bloomberg. Based in Singapore with origins in mainland China, Shein does not publicly disclose its financial data, leaving its performance in the April-June quarter unclear, especially after the US announced tariffs that affected import policies. The US government's removal of the de minimis exemption, which previously allowed low-value shipments like Shein's to enter duty-free, has posed challenges for the retailer. Although the policy change took effect in May, benefiting Shein temp...