Shein Posts $99m Q1 Loss After US Ends Duty-Free Parcel Exemption

Shein swung to a $99m net loss in Q1 2026, reversing a $395m profit a year earlier, after the US removed the de minimis exemption that let low-value parcels enter duty-free. The change raised landed costs on the direct-to-consumer shipments underpinning Shein's US sales, eroding a structural pillar of its model and contributing to its steep valuation decline.