HONG KONG, Sept 1 (Reuters) – Shares in fast fashion giant Shein were set open flat in their Hong Kong market debut on Tuesday, hurt by numerous setbacks that have long delayed its listing and undermined the foundations of its business.
Known globally for selling $5 tops and $10 dresses, Shein has been humbled by tariff and duty changes in the U.S. and Europe.
In 2022, it was one of the world’s most valuable startups worth an estimated $100 billion but last week’s IPO valued the company at about $26.5 billion. Shein also failed to list in New York and London, hampered by intense scrutiny of its business practices in the West and blocked by Chinese authorities.
(Reporting by Yantoultra Ngui and Summer Zhen in Hong Kong, Helen Reid in London and Casey Hall in Shanghai; Editing by Sumeet Chatterjee and Edwina Gibbs)
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