Shein targets US$30 billion valuation for Hong Kong IPO

Fast-fashion retailer Shein is preparing to take investor orders for a Hong Kong initial public offering, targeting a valuation of over US$30 billion. This target is significantly lower than its previous private market peak of nearly US$100 billion, but would place it above H&M’s US$26 billion valuation.

Internal documents suggest Shein is seeking a premium valuation comparable to industry leaders like Inditex and H&M. The company argues its “LATR” model—testing products in small batches before scaling via a smart supply chain—provides a competitive edge. Shein claims its inventory turnover cycle is just 36 days, compared to 71 days for Inditex and 114 days for Fast Retailing’s Uniqlo.

However, some investors have expressed skepticism regarding the proposed price tag. Concerns have been raised about slowing growth, rising costs, and whether the company can return to the rapid growth rates that previously drove its high valuation.