Fast-fashion retailer Shein generated nearly $10 billion in revenue and more than $400 million in net income in the first quarter of 2025, lifting its profit margin to roughly 5%, according to people familiar with the private company’s results. The surge in sales came as U.S. shoppers hurried to place orders ahead of a 145% tariff on Chinese goods that began on 9 April and the forthcoming removal of the de minimis duty exemption on low-value parcels. Those policy changes threaten Shein’s model of shipping inexpensive apparel directly from factories to American consumers. The performance strengthens Shein’s pitch to investors as it pursues a long-anticipated initial public offering in Hong Kong after earlier plans for a U.S. listing faltered amid scrutiny of its supply chain and labor practices.