The estimate values Shein at around 13-to-15-times its projected 2027 earnings, as analysts judged this as a fairer base following 2026’s freight and tariff headwinds. “Shein’s valuation should assume a normalised growth and earnings outlook starting in 2027 rather than a depressed 2026 baseline,” they wrote. The estimate is almost a third of the $66bn (£48.88bn) that Shein raised in a 2023 funding round. In its most recent results for the first quarter of 2026, Shein posted a net loss of $99m (£74.1m), following slowing US sales. The filing revealed that Shein’s net loss compares to a net income of $395m (£295.7m) in the same quarter last year.