Shein to reportedly slash its valuation for London IPO

Shein is believed to be cutting its valuation to 50 billion dollars ahead of a planned IPO in London, Reuters has reported. This is a significant drop from the 66 billion dollars the company was expected to be worth in 2023. The cut comes amid a "worsening business outlook" after the US government ended the de minimis tariff exemption, which allowed Shein to keep prices low by exempting shipments under 800 dollars.