Shein returns to profit in second quarter

Shein ​returned to ​profit in the ‌second quarter ​and made $11.08 billion in sales, the fast-fashion ‌platform reported on Monday in its first results as a public company. Shein ‌shares have sunk 28% since listing ‌on September 1, as investors expect customs fees on ecommerce parcels in ⁠the European ​Union to ⁠dent its business in a market ⁠accounting for around a third of revenue.

The ​Singapore-headquartered online retailer posted a ⁠net income of $2.40 billion for the quarter ⁠ended ​June 30, compared with a net loss of $99 million for ⁠the quarter ended March 31.