Fresh off the eyebrow-raising news that Shein was considering a valuation of $100 billion for its next round of investors, insiders familiar with the Chinese “fast fashion” company’s data say its breakneck numbers have taken a downward turn. While Shein’s sales growth in 2021 had hit 60 percent (after a bonanza 2020 when it skyrocketed by 250 percent), insiders told Business of Fashion that executives are concerned about a steep drop that kicked in during last year’s second half—a downturn that has bled into 2022. A major factor in the slowing growth: China’s new pandemic lockdowns, which are throwing up roadblocks for Shein’s hyper-fast manufacturing processes. “It’s the hardest time for China’s exporters since early 2020, even more challenging than when the pandemic first started, as the supply chain is significantly hit in recent months,” Leng Yun, an apparel consultant based in Shanghai, told Business of Fashion.
