Shein’s London IPO Is Said to Be Stalled Amid US Tariff Fallout

Shein Group Ltd.’s initial public offering plan has slowed to a crawl as the retailer assesses the impact of US tariffs on its business and awaits regulatory approvals, according to people familiar with the matter.

Enthusiasm for what could be London’s biggest IPO in years has been dwindling, with Shein’s valuation target sinking and shareholders trying to sell stock at steep discounts in private market deals. In 2023, Shein was targeting an IPO with a valuation of up to $90 billion. By February, it was seen as $30 billion.

Shein filed papers in June for a listing ...