Read across from the Shein prospectus: six takeaways

Research evidence excerpt

Read across from the Shein prospectus: six takeaways

Equity Research

EMEA Internet

28 July 2026

EMEA Internet/EU Gen Retail

Read across from the Shein

prospectus: six takeaways

Scale a reminder of the significant competitive threat Shein European General Retail

has become. But slower growth, apparent impact from NEUTRAL

changes in De Minimis in US and language suggesting impact EMEAPOSITIVEInternet

to come in EU is good in terms of competitive read. That said, EMEA Internet

Andrew Ross, CFAwell capitalised to compete hard; marketing still elevated.

+44 (0)20 7773 3023

andrew.ross@barclays.com

The following company is privately held and is not under coverage by Barclays Research: Barclays, UK

Shein. Information about this company is being provided for information purposes only and is not

Olivia Venancio

an investment recommendation by Barclays Research. +44 (0)20 3555 0278

olivia.venancio@barclays.com

Shein published its IPO prospectus ahead of a proposed listing in Hong Kong. We provide

Barclays, UK

some observations and takeaways for our EMEA Internet and European Retail coverages.

Guillaume Galland, CFA

Read across to EMEA Internet (notably Allegro, ASOS, Zalando): A reminder of the significant +44 (0)20 7773 4061

scale that Shein has, including in Europe. And the business model has been very profitable, with guillaume.galland@barclays.com

some extra detail showing very fast inventory turn. That said, Shein's growth slowed in 2025 and Barclays, UK

into Q1'26, with language in the prospectus suggesting some headwinds from US De Minimis Yash Jain

exemption changes in 2025 and also flagging some potential headwind in 2026 from recent +91 (0)22 6175 3418

changes in De Minimis exemptions in Europe. This slowdown is potentially positive for our yash.jain2@barclays.com