Shein is one of the most phenomenal businesses to come up in the last decade

There is also Temu which is basically the same.

Shrinking profit margins are a real concern

Source: https://www.linkedin.com/posts/yuechenzhao_shein-vc-startups-activity-7137622562548678656-Vh8i?utm_source=share&utm_medium=member_desktop

Revenue shot up, profitability shot down. They have a big problem on their hands. Commoditising everything has its drawbacks, you can't maintain margins. Let's see how they build a brand now. They've won the hyper growth phase.

Valuation is quite overvalued tbh