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The case for Shein's public listing rests on Beijing's approval finally arriving.
What complicates it: a three-year IPO odyssey has consumed what investors describe as the "golden time" to go public, leaving a $40-billion-plus valuation to carry a fast-fashion retailer whose growth engine is showing visible stress.
The cost of three years Three years is a long time in clothing retail.
Shein has spent that period navigating regulatory constraints tied to Chinese government requirements, while the market conditions that once justified a premium valuation shifted around it.
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