Shein’s reported $80–90 billion IPO valuation target looked demanding to me in November 2023. Reuters relayed Bloomberg’s report. A target was not an offering price, and neither was proof that public investors would pay it.
The app’s reach showed that people wanted cheap clothing delivered conveniently. It did not establish how much each repeat order earned after returns, logistics, marketing, and compliance costs. Download counts were a poor substitute for that calculation.
I would want disclosed financials before treating profit forecasts as earned results. I would also examine sourcing and labor controls, because a low retail price can depend on costs that stay out of the customer’s view.
Fast growth can support a high valuation if the economics endure. The useful question was how much cash Shein could retain from another year of orders, not how many phones already had the app.