According to the Financial Times, Shein’s net profit for 2024 fell nearly 40%, dropping to $1 billion. This is significantly lower than the $4.8 billion net profit and $45 billion in sales predicted in 2023. The decline is mainly attributed to competition from Temu and policy changes driven by geopolitical factors. Temu has attracted some of Shein’s suppliers by replicating its business model, resulting in increased air freight costs and marketing expenses. Shein’s IPO plans face challenges due to U.S. tariff policies, potentially delaying listing until late 2025.