I don’t think tariffs alone will be enough to kill Temu, and I’ve written about how the company has adapted. But there’s another Chinese giant selling large volumes to the U.S.: Shein.

Looking only at revenues, you’d think Shein is in great shape, with a 19% increase in sales, reaching $38 billion. However, the company saw a significant profit decline in 2024, with net income dropping by nearly 40% to $1 billion—which may have delayed its IPO.

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