Shein Reports Net Loss in Q1 Ahead of Hong Kong IPO

Shein, the online fast-fashion retailer, has announced a net loss of $US99 million ($A142 million) in the first quarter of this year, attributed to a drop in sales following the United States’ withdrawal of the ‘de minimis’ duty-free policy. The loss was detailed in the Hong Kong listing prospectus, setting the stage for investor roadshows and bookbuilding before its anticipated global offering. The loss marks a contrast from the $395 million net income recorded in the same period last year as the firm faces heightened costs, sluggish growth, and heightened regulatory scrutiny in principal markets. The company, based in Singapore…