Shein, the fast-fashion juggernaut that once commanded a nearly $100 billion private-market valuation, is now pitching its long-awaited IPO to investors at a valuation below $30 billion. That’s the kind of markdown you’d expect to find on the company’s own website, not on its corporate equity. The Singapore-headquartered retailer has been courting investors across major US cities in recent weeks, making the case for a Hong Kong listing that could launch as early as mid-August 2026. But some cornerstone investors are pushing for a valuation in the $30 billion to $32 billion range, well below the $40 billion to $50 billion targets the company had floated as recently as July. From $100B darling to discount binDuring a 2022 fundraising round, Shein’s private-market valuation approached $100 billion, placing it among the most valuable privately held companies on the planet.