Shein began passing most U.S. tariff costs to consumers through price increases starting May 2025, coinciding with a more than 3 percent drop in U.S. revenue and a 14 percent year-over-year decline in first-quarter sales. Europe ended duty-free shipping for low-value packages and introduced flat-rate fees. The company is preparing a Hong Kong IPO valued at $22–25 billion, below prior $30 billion targets.