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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

Adidas Shares Pop After Beating Nike to Sub-Two-Hour Marathon Milestone

Athletics - London Marathon - London, Britain - April 26, 2026 Kenya's Sabastian Sawe celebrates with an Adidas Adizero Adios Pro Evo 3 shoe after winning the men's elite race and setting a new world record with a time of 01:59:30 (Reuters)
Athletics - London Marathon - London, Britain - April 26, 2026 Kenya's Sabastian Sawe celebrates with an Adidas Adizero Adios Pro Evo 3 shoe after winning the men's elite race and setting a new world record with a time of 01:59:30 (Reuters)
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Adidas Shares Pop After Beating Nike to Sub-Two-Hour Marathon Milestone

Athletics - London Marathon - London, Britain - April 26, 2026 Kenya's Sabastian Sawe celebrates with an Adidas Adizero Adios Pro Evo 3 shoe after winning the men's elite race and setting a new world record with a time of 01:59:30 (Reuters)
Athletics - London Marathon - London, Britain - April 26, 2026 Kenya's Sabastian Sawe celebrates with an Adidas Adizero Adios Pro Evo 3 shoe after winning the men's elite race and setting a new world record with a time of 01:59:30 (Reuters)

German sportswear maker Adidas' shares rose on Monday after Kenya's Sabastian Sawe became the first person to run a marathon in under two hours in an official race, accomplishing his feat wearing the brand's Adizero Adios Pro Evo 3 trainers. 

Sawe shattered one of athletics' most elusive barriers on Sunday as he stormed to victory at the London Marathon in one hour 59 minutes and 30 seconds. The sub-two-hour marathon has been one of sport's biggest goals for years. 

After the race, Sawe held up his $500 Adizero Adios Pro Evo 3 trainer with "WR" and "sub-2" written on it in black marker pen. He ‌beat the previous ‌world record of 2:00:35 set at the Chicago ‌Marathon ⁠in October 2023 ⁠by the late Kelvin Kiptum. 

The win is a boost for Adidas against arch-rival Nike , after years of lab-backed experiments and near-misses looking to build a so-called "supershoe" to break the record. 

Nike's Breaking2 attempt at Monza in 2017 just fell short though Kenyan great Eliud Kipchoge ran under two hours in INEOS's 1:59 Challenge two years later. Yet those efforts fell outside the sport's official ⁠record books. 

Ethiopia's Yomif Kejelcha finished second in his marathon ‌debut and Tigst Assefa broke her own ‌women-only world record. All three were wearing Adidas' Adizero Adios Pro Evo 3 ‌trainers, which are set to go on sale on Thursday. 

Using innovative foam ‌and carbon-plated soles, and ultra-light components, the Adizero Adios Pro Evo 3 weighs an average 97 grams, 30% less than its predecessor, and improves running economy by 1.6%, Adidas said. 

"The Adidas family is incredibly proud of Sabastian and Tigist's historic ‌achievements," Patrick Nava, general manager at Adidas Running, said in a statement. 

"This is a testament to the years ⁠of hard work ⁠and dedication the have made, alongside our innovation team". 

Adidas shares were up 2% in mid-morning although they are down 18% since the start of this year on concerns about the group's exposure to US tariffs and the impact of the conflict in the Middle East. 

Adidas released its Adizero Adios Pro Evo 1 trainers in late 2023, after Assefa set a new women's marathon world record while wearing them at the women's Berlin Marathon. 

The third iteration of the shoe will be released for $500 a pair exclusively via the Adidas app, with a wider release in the autumn marathon season, according to the company's website, but the steep price tag puts them out of reach of most runners. 

Fashion

'The Devil Wears Prada 2' Puts Spotlight on Italy's Fashion Capital

An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)
An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)
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'The Devil Wears Prada 2' Puts Spotlight on Italy's Fashion Capital

An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)
An installation of the new movie 'Devil Wears Prada 2' is displayed at La Rinascente shopping center, in Milan, Italy, Monday, April 20, 2026. (AP Photo/Luca Bruno)

Prada may have a title role in “The Devil Wears Prada 2,” which premieres in Italy’s fashion capital on Thursday, but fashion at large gets a spotlight and Milan a supporting role.

The film evokes Prada without being about the storied fashion house that has become synonymous with Milan. In homage, Meryl Streep and Anna Wintour both wear Prada on a current Vogue cover celebrating the film about a demanding fashion editor.

But when part of the movie was shot in Milan during fashion week last September, a Dolce & Gabbana runway show, not Prada, was the backdrop for a scene featuring Streep and Stanley Tucci.

‘’When you think of Prada, when you think of the Prada brand, you also think of Milan. This is obviously good for the fashion system,’’ said Tommaso Sacchi, Milan’s counselor for culture. “It’s a film that is good for the city.’’

That enthusiasm is spilling over to a pop-up at Milan’s main department store, where aficionados of the film and fashionistas have flocked to take selfies at a replica of fictitious fashion editor Miranda Priestly’s desk and against the backdrop of a faux Runway magazine mock-up cover.

VIPs attending the film's Italian premiere on Thursday, ahead of its global release next week, will attend a cocktail in the space.

The Rinascente CEO, Mariella Elia, said the response to the pop-up — which is announced by giant statues of the iconic red pumps outside the store — shows that people have “a desire for lightness.”

“It’s not just about buying, it’s really about reviving what fashion represents ... a desire to have a stylish flair once again, a desire for joy, too — perhaps in contrast with the current economic and international moment that humanity is experiencing,’’ The Associated Press quoted Elia as saying.

On a recent day, the space filled with people browsing limited edition T-shirts with famous phrases from the first film like, “Is there some reason my coffee isn’t here?”

Valentina Cattivelli, a professor, said she wasn’t trying to channel Priestly as she sat behind the replica of her desk. It included an inbox full of other lines from the original film, including Priestly's dismissive, “That’s all.’’

“No, I’m not so cruel in my daily life, but I appreciate her professional style and also her fashion and the taste for fashion. But not her sarcasm or cruelty, no,” Cattivelli said.

The Prada brand was founded a few steps away, in the stately Vittorio Emanuele II Gallery, by Miuccia Prada’s grandfather.

The shopping arcade today is anchored by two Prada flagship stores.

Miuccia Prada transformed the brand into a fashion juggernaut, turning the infamous ugly chic aesthetic into must-have or must-emulate looks and accessories that bring intellectual heft to runway fashion — a theme of the original movie, which offered a peek beyond fashion-world frivolity.

“There is a close relationship between the ‘Devil Wears Prada’ franchise and Prada, because by evoking Prada from the very title, it evokes a fashion that makes you dream, a fashion that makes you feel elegant, a fashion that makes you feel good, a fashion that gives you an allure,’’ said Annarita Briganti, a fashion journalist who wrote a book about Prada for Rizzoli’s Made in Italy editions.

Fashion

British Retailer ASOS Moves to Recover US Tariff Costs

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
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British Retailer ASOS Moves to Recover US Tariff Costs

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo

ASOS said on Thursday it has started seeking refunds for the 7 million pounds ($9.44 million) of US tariffs paid during the first half of the year, as the British retailer pursues a margin-focused turnaround plan to revive demand.

Thousands of companies around the world are filing lawsuits challenging US President Donald Trump's ⁠sweeping tariffs and seeking ⁠refunds on duties paid, after the levies were deemed illegal by the US Supreme Court in February.

Online fashion retailers such as ASOS are particularly vulnerable to duty ⁠costs on imported goods as they work to rebuild profitability after the pandemic-era expansion gave way to weakening consumer demand.

Once a standout survivor of the dotcom burst, ASOS has been trying to win back shoppers and cut costs amid stiff competition from cheaper Chinese rivals, Reuters reported.

Global retailers are now bracing ⁠for ⁠an impact from the Iran war as customer spending declines and a surge in energy prices and supply-chain snags compound costs further.

ASOS said it has taken proactive actions to help mitigate such impact, but gave no details on said actions.

The company confirmed its outlook for the full year.