How Shein lost its shine ahead of long-awaited stock market debut

Shein, a fast-fashion giant, is set to debut on the Hong Kong stock market on Tuesday after years of attempts to go public in the US and UK. The company's valuation has plummeted from nearly $100bn to around $26.3bn due to challenges such as increased competition and global trade tensions. Shein gained popularity, particularly among younger customers, for offering the latest fashion at ultra-low prices via a vast network of factories in China.

The company listed its shares at HK$48.56 each, raising $1.7bn and resulting in a valuation of $26.3bn. However, Shein's business model has been criticized for environmental and human rights issues, and global crackdowns on cheap imports are impacting its finances. The stock market debut is seen as a test of investor appetite for the fast fashion industry.

Shein's headquarters now sits in Singapore, following China's approval earlier this year. Despite facing opposition from US lawmakers and other regulatory hurdles, Shein remains a formidable player in the global market, with a formidable supply chain and a global reach.