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Shein Profits Drop 70 Percent
- Direct-from-China e-commerce firm Shein has seen a 70 percent drop in profits in the first half of 2024 due to competition from Temu.
- Revenue growth for Shein fell to 23 percent during the period, compared to 40 percent in 2023.
- Shein's IPO plans have been complicated by regulatory scrutiny and pressure from US lawmakers.
- Existing shareholders of Shein have expressed frustration and requested the repurchase of their shares.
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