Shein just hit a brutal $99 million first-quarter loss—down from a $395 million profit last year—blaming Trump-era tariffs that now slap Chinese imports with steep taxes up to 87.5%. U.S. sales plunged 14.3%, and Shein plans to pass costs to consumers. Global woes like Iran’s war also hurt, though they’re downplaying it. Add to that long-standing criticism over labor, addictive app design, and environmental damage—and you’ve got a fast-fashion giant facing a financial and reputational reckoning as it prepares for its IPO.
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