Fast-fashion retailer Shein Group Ltd. has revealed softening profitability and slower revenue growth as it prepares for a stock market debut in Hong Kong.
According to a filing, the closely held company reported a loss of $99 million in the first three months of this year, compared with a profit of $395 million a year earlier.
The retailer won approval from China for its Hong Kong listing on July 10, clearing the way for a listing after failed attempts in New York and London.
These figures highlight the pressure on Shein as it seeks new funds amid higher costs, slower growth, and growing scrutiny in key markets.