Market analysts are valuing Shein Group (Unlisted (UK):SHEI) at between US$35 billion and US$40 billion ahead of its proposed IPO, supported by its global fashion footprint, revenue growth, profitability and comparatively lean inventory model.
The online fashion and lifestyle company generated US$41.8 billion in net revenue and US$2.064 billion in net profit in 2025, according to its prospectus, while active customers increased to 273 million from 186 million in 2023.
Analysts have assigned SHEIN a price-to-earnings valuation range of 20 times to 30 times, placing it broadly between listed fashion groups H&M and Inditex.
Global fashion business spans about 160 markets
Founded in 2012, SHEIN has developed an online fashion business spanning about 160 markets, giving the company a geographically diversified revenue base.
Central to its operating model is what SHEIN calls its Large-scale Automated Test Reorder (LATR) system, which uses small initial production runs and rapid replenishment to respond to customer demand.
The company combines this system with an end-to-end digital supply chain and global fulfilment network, aiming to balance product variety, speed to market and inventory management.
Between 2023 and 2025, SHEIN's active customer base increased from 186 million to 273 million, representing a compound annual growth rate of 21.2%.
Inventory turnover was reported at 36 days, compared with figures cited in the release of 71 days for Inditex, 114 days for Fast Retailing and 164 days for Adidas.
Revenue reaches US$41.8 billion in 2025
SHEIN reported US$41.8 billion in net revenue in 2025, representing a revenue CAGR of 14.2% between 2023 and 2025.
Net profit for 2025 was US$2.064 billion.
In the first quarter of 2026, net revenue reached US$9.1 billion, up 1.1% year-on-year.
The company has also committed to a dividend payout ratio of at least 50% following listing, according to the release.
For valuation comparison, the release cited prospective FY2027 P/E multiples of around 25 times for Inditex and 20 times for H&M.
Against those benchmarks, analysts have placed SHEIN within a 20-30 times P/E range, while the company's IPO valuation target has been reported at US$35-40 billion.
Next steps
Following a successful listing, SHEIN intends to use access to Hong Kong capital markets to support further technology investment and development of its international operations.
The company is also expected to continue investing in its supply chain and fulfilment infrastructure as it seeks to maintain its position in the global online fashion market.
About SHEIN
SHEIN is a global online fashion and lifestyle company founded in 2012.
Its operations span about 160 markets, supported by a digitally managed supply chain and its LATR operating model, which is designed around testing products in small quantities before rapidly reordering items where demand is demonstrated.
The company reported US$41.8 billion in 2025 revenue, US$2.064 billion in net profit and 273 million active customers.