Shein’s valuation has fallen by 73% ahead of its IPO next week (from $100B to $27B) since the $800 de minimis loophole was closed. The rule change has stranded a number of Shein’s largest warehouses with unsold inventory, including this one with a total value of $76. https://x.com/TrungTPhan/status/20926740…

Trung Phan@TrungTPhanAug 26

The ending of the De minimis shipping loophole (goods under $800 weren’t taxed) completely clapped Shein’s business. Its IPO-ing next week at $27B, down from peak valuation of $100B. Sales growth YoY went from +21% in 2024 (to $39B) to only +1% in Q1 2026 (to ~$42B).