Shein's valuation ahead of its planned IPO is estimated between US$22 billion and US$25 billion, according to Bloomberg Intelligence analysis published August 10, 2026 [1, 2]. This valuation implies a multiple of about 13 to 15 times Shein’s projected earnings for 2027. [3, 1, 2, 4] The company expects earnings to recover to US$1.67 billion in 2027 and then grow roughly 20% annually through 2029. [3, 1, 2, 4]

This valuation is significantly lower than some investor expectations of US$30 billion to US$40 billion ahead of the IPO, as reported by Reuters in early August 2026. [3, 1, 2, 4] Bloomberg Intelligence analysts Catherine Lim and Jason Zhu said reaching such a price "would require investors to underwrite both a clean marketplace mix shift and flawless European regulatory execution." [1]

The $22-$25 billion estimate is also far below the approximately US$66 billion valuation from Shein's 2023 funding round, and less than a quarter of its peak US$100 billion valuation in 2022. [3, 1, 2, 4] Shein disclosed slowing revenue growth and profitability in July 2026, which may have pressured these downward revisions. [3, 1, 2, 4]

Shein’s supply chain remains heavily concentrated in mainland China, while most earnings come from overseas markets. This exposes the company to risks from tariffs, shipping costs, and regulatory scrutiny, particularly in Europe. [3, 1, 2, 4]

In comparison, Hong Kong-listed consumer-goods exporters trade at roughly 8 to 13 times projected 2027 earnings, making Shein’s 13 to 15 times multiple relatively high. [3, 1, 2, 4] The analysts note that Shein’s valuation should assume a "normalised growth and earnings outlook starting in 2027 rather than a depressed 2026 baseline." [1]

Founded in mainland China and now headquartered in Singapore, Shein has positioned itself as a global fast fashion leader but faces challenges balancing growth expectations with regulatory and market risks. [3, 1, 2, 4]

Shein's next major milestone will be its planned IPO, for which it aims to finalize the valuation amid these uncertainties and market conditions.