Chinese fast-fashion giant Shein reported a loss of $99 million in the first quarter. The figures are being reported ahead of the company's upcoming Hong Kong IPO.
According to the company, the figures are mainly related to a loss in valuation linked to so-called preferred shares. At the same time, it warns that US tariffs and the EU's decision to remove tariff exemptions for low-value shipments will both negatively affect the company.
Shein, like its Chinese competitor Temu, has long been under scrutiny and has been investigated by the EU, among other things.
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