Shein disappoints investors
The online shop Shein sells very cheap clothes. The firm now goes to the stock market in Hongkong. The start is not good. The share of Shein drops by 8 percent. The firm is now worth 24 billion dollars. In the year 2022 the firm was worth 100 billion dollars.
Investors worry about new rules. The USA and Europe make new tax rules. France wants extra money for cheap clothes. Shein pays no tax for small packets in the past. This changes now. The business gets more expensive for Shein. The costs for transport grow too.
Shein wants to go to the stock market in New York or London first. This does not work. People criticize the work conditions. People criticize the bad impact on nature. The firm makes a loss in the first part of the year. Now Shein wants to sell things from other firms. Shein wants to make more money this way.
