Shein IPOs amid company strategy changes and investor apprehension

The company initially wanted to go public in New York, then London. Now, Hong Kong.

August 31, 2026

• less than 3 min read

TOPICS: Revenue Strategy & Leadership / Market Dynamics & Economic Context / Economic Impacts on Revenue Models

If at first you don’t succeed, try again. And then try a third time, too. That’s how Shein has approached its seemingly ill-fated IPO.

The Chinese-founded, now Singapore-based, fashion colossus initially attempted to go public in New York in 2023, but lawmakers essentially blocked the company from doing so in the US amid allegations of using forced labor in China’s Xinjiang region. Then, it was full steam ahead on London in 2025, though roadblocks emerged in the form of lawmaker opposition, the growing impact of tariffs, and a lack of approval from regulators in China, where the brand’s clothing is manufactured.

Now, its IPO will happen on September 1 in Hong Kong, which Chinese regulators have already signed off on—the “friendliest” location for the company, but also its “market of last resort,” Sky Canaves, principal retail analyst at Emarketer, told Morning Brew.

And more than just the location of the company’s IPO has changed since it was initially valued at $100 billion in 2022. For one, the company is now valued at $27 billion.

“[The retail industry in 2022] was a very different landscape that has since shifted,” Canaves said. “Shein hasn’t quite lived up to some of its promises of evolving its business model to keep up with those changes.”

Though the company has room to (re)grow, it’s not being granted any more time by investors. The deadline for share redemptions is coming up at the end of the year, which is why Shein is IPO-ing at a “much lower valuation than it originally would have wanted or would like if it could wait a few more years until it sufficiently evolves its business model,” Canaves told Morning Brew.

Even so, Canaves said that the IPO probably won’t lead to a big surge in investment for the company.

“They still spend a lot on marketing and customer acquisition, which indicates that without a lot of targeting and promotions and incentives to customers, they might not keep coming back,” Canaves told Morning Brew. “That’s also been a red flag for investors.”