The news: Shein’s revenue growth slowed considerably in the first half of 2024 while profits fell over 70%, per The Information, adding another wrinkle to the fast-fashion company’s drawn-out path to an IPO.
- Revenues increased by 23% year over year (YoY) to $18 billion—a deceleration from last year’s 40% growth over the same period.
- The company’s margins shrank to 2%, from 8% the year prior, as its efforts to compete with Temu ate into profits.