Why did Shein's valuation plunge from nearly $100 bn to $27 bn?

Shein's valuation dropped from nearly $100 billion in 2022 to about $27 billion ahead of its Hong Kong Stock Exchange debut. The marked decline in valuation comes as US-imposed tariffs, intensifying competition from rivals such as PDD-owned Temu and rising costs cloud Shein's outlook. "We believe interest in Shein by global investors has probably cooled," industry expert Lorraine Tan said.