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Shein posted a $99 million net loss in the first quarter of 2026 as slowing sales, higher trade costs, and a one-time accounting charge weighed on the fast-fashion retailer ahead of its planned Hong Kong initial public offering (IPO).
According to its pre-IPO filing released on Sunday, the Singapore-headquartered company reported a sharp reversal from the $395 million profit recorded during the same period last year. The quarterly loss was largely driven by a $328 million fair-value accounting adjustment tied to convertible redeemable preferred shares, which can fluctuate in value before a public listing.
The filing comes as Shein prepares for its Hong Kong IPO after receiving approval from the China Securities Regulatory Commission (CSRC) earlier this month. However, the company did not disclose the offering size, pricing, expected proceeds, or listing schedule.
Shein's business has come under increasing pressure following the U.S. decision to eliminate the de minimis import duty exemption for packages valued below $800. Since May 2025, Chinese-made products shipped to the U.S. have faced tariffs ranging from 10% to 87.5%, forcing the retailer to raise prices in its largest market.
The impact was evident in first-quarter results, with U.S. revenue falling 14.3% year-over-year to $2.04 billion. The U.S. accounted for 22.5% of total revenue, down significantly from previous years.
Europe, which generated roughly one-third of Shein's 2025 revenue, may also face headwinds after the European Union introduced a €3 fee on low-value e-commerce imports. The company warned that the impact in Europe could match or exceed the slowdown experienced in the U.S.
For full-year 2025, Shein's revenue increased 8% to $41.85 billion, while net income declined 38.7% to $2.06 billion, reflecting weaker consumer demand and rising operating costs. Its first-quarter operating margin also narrowed to 2.9%from 3.9% a year earlier.
Despite ongoing scrutiny over labor practices, environmental concerns, and supply chain transparency, Shein said it maintains a zero-tolerance policy on labor abuses and plans to use IPO proceeds to strengthen technology, expand globally, boost brand awareness, and support corporate responsibility initiatives. Goldman Sachs, Morgan Stanley, and JPMorgan are serving as joint sponsors for the Hong Kong listing.
