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Shein's Revenue Growth Reportedly Slows in First Half amid IPO Plans

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein's Revenue Growth Reportedly Slows in First Half amid IPO Plans

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

Online retailer Shein's revenue growth slowed to 23% in the first half of this year, from 40% last year, The Information reported on Tuesday, citing two people familiar with the matter, as it prepares for a highly anticipated listing in London.
The deceleration in growth coincides with rising competition from Chinese bargain shopping site Temu, which has grown in popularity in recent years in the US, the report said.
The company's profit declined more than 70% to just below $400 million in the first half of this year, according to the report. Revenue during the period reached $18 billion.
Shein, which sells $5 tops and $10 dresses, has seen rapid growth fueled by its low-cost business model of sending parcels to customers worldwide straight from factories in China.
The company was valued at $66 billion in a fundraising round last year and held informal investor meetings this month for a planned London initial public offering, Reuters reported.
Shein does not publicly report its global results.
Earlier in October, a filing by the online fast-fashion group showed Shein's British business generated 1.55 billion pounds ($2 billion) in revenue in 2023.
Shein did not immediately respond to a request for comment.

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Fashion

It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
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It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)

As springtime sunshine finally hits New York City, the Met Gala beckons — one of the most anticipated and visible parties in the world.

This year, the theme — “Tailored For You" — is focused on classic tailoring. As always, the dress code is inspired by the spring exhibit at the Costume Institute of the Metropolitan Museum of Art. “Superfine: Tailoring Black Style” is the first Met show to focus exclusively on Black designers, and the first in more than 20 years to have a menswear theme. The show looks at the evolution of Black style over the centuries through the lens of dandyism.

Here are some key things to know as fashion's biggest night approaches:

When is the Met Gala? The gala happens the first Monday in May — this year, May 5.

What exactly is the Met Gala? Not everyone knows that the gala is actually a fundraiser for the Costume Institute, the only self-funding department at the Met. Last year the evening brought in a whopping sum of more than $26 million to the museum's coffers.

Was it always this big? Definitely not. It started in 1948 as a Manhattan society midnight supper – held at various places like the Waldorf Astoria and the Rainbow Room. It took many years before it turned into a global event and one of the starriest nights of the year.

Who's hosting the 2025 Met Gala? Each year brings a new group of celebrity co-chairs. This year they are Pharrell Williams, Lewis Hamilton, Colman Domingo, and A$AP Rocky — along with Anna Wintour, the influential Vogue editor who always oversees the proceedings. NBA superstar LeBron James is honorary chair.

Who else is attending the Met Gala so far? Word on attendees trickles out slowly in the weeks leading up to the event. But this year there’s also a huge additional host committee with stars from various fields. (They don’t have specific host duties, other than showing up and, it goes without saying, looking fabulous.)

It includes athletes Simone Biles and husband Jonathan Owens, Angel Reese and Sha’Carri Richardson; filmmakers Spike Lee, Tonya Lewis Lee and Regina King; and actors Ayo Edebiri, Audra McDonald and Jeremy Pope, and musicians Doechii, Usher, Tyla, Janelle Monáe and André 3000.

Also in the group are author Chimamanda Ngozi Adichie; artists Jordan Casteel, Rashid Johnson and Kara Walker; playwrights Jeremy O. Harris and Branden Jacobs-Jenkins; and fashion figures Grace Wales Bonner, Edward Enninful, Dapper Dan and Olivier Rousteing.

Can anyone buy a ticket to the Met Gala? In a word: No. You cannot just buy a ticket. The right question is: If I were famous or powerful and got invited, how much would it cost?

If I were famous or powerful and got invited, how much would it cost? Individual tickets start at $75,000. Generally, though, companies buy tables. A fashion label, for example, would then host its desired celebrities. A table of 10 starts at $350,000 this year, as it did last year. There will be approximately 400 guests.

How strict is the dress code? The code is meant to be a guide, not a hard rule, and loose interpretation is encouraged.

How do guests spend the evening? Guests enter the museum and walk past an enormous flower arrangement in the museum’s grand lobby – always a talking point. Often there is an orchestra playing nearby. At the top of the grand staircase, Wintour and her co-hosts form a receiving line. Guests then head to view the exhibit, which is followed by dinner. The most hotly anticipated guests sometimes arrive around dessert time for maximum impact (we're looking at you, Rihanna).