Shein failed to list in the US and now the EU is planning customs duties that may dent its business model

• EU plans for import duty on cheap goods could dent Shein and Temu

A stock market listing for Shein has been talked about for so long that the round number of £50bn has become attached to this Chinese-founded fast-fashion retailer as a plausible valuation. It’s probably time to ask: are you sure about that number?

The figure isn’t plucked out of thin air, it should be said. Shein raised money from private equity backers last year at a valuation of $66bn, which is roughly £50bn. But, since the company also raised a few dollars at a $100bn valuation the previous year, it has merely demonstrated the standard truth that valuations set in thin private markets can be volatile and are not to be relied upon. Translating a sketchy private number into a hard valuation on a serious public market is a different game.