曾经估值近100亿美元的快时尚零售商Shein正在为其上市计划寻求新的出路。1该公司已向香港联交所提交招股说明书，但其估值已远低于历史峰值。1美欧取消低价商品关税豁免后，Shein的业绩增长动力明显减弱，美国作为其最大市场的销售额在2026年第一季度下滑14.3%至20亿美元。1
欧洲市场的困境更加突出，该地区占Shein收入超过三分之一，但面临欧盟对电商包裹实施的3欧元统一关税。1创始人兼首席执行官徐阳添于2月在广东公开现身，宣布公司未来三年将投入约14亿美元用于建设供应链中心。1然而，这一战略转向的成效有限——公司于2023年试运营的供应链外包服务迄今仅吸引约20个品牌合作，2025年收入不足公司总收入的1%。1与此同时，非服装产品已成为新的增长点，在第一季度占收入超过三分之一。1
Fast fashion retailer Shein, once valued at nearly US$100 billion, has submitted a prospectus to the Hong Kong Stock Exchange as it pursues a public listing at a substantially reduced valuation 1. The company's trajectory has shifted markedly following the elimination of tariff exemptions on low-priced goods in the United States and Europe, forcing multiple delays to its initial public offering plans before pivoting to the Hong Kong market 1.
The retailer faces mounting headwinds in its core markets. Net revenue in the United States, its largest market, declined 14.3 percent to US$2 billion in the first quarter of 2026 1. Europe presents an even steeper challenge, accounting for over one-third of Shein's revenue while confronting a uniform €3 tariff on e-commerce parcels 1. Non-apparel products now represent over one-third of first-quarter revenue 1, yet the supply chain outsourcing service, operating since 2023, has attracted only approximately 20 brands with revenue contributing less than 1 percent of total revenue in 2025 1. In February, founder and CEO Sky Xu Yangtian announced plans to invest approximately US$1.4 billion over the next three years to build supply chain centers 1.
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