Shein Shares Hit a Record Low as LVMH Falls to a 52-Week Low

Shein reported its first results since listing in Hong Kong on 1 September, and its shares fell as much as 14% to a record low on 29 September. One day later and at the opposite end of the fashion market, LVMH closed at €390.00 on Euronext Paris, a new 52-week low for the world’s largest luxury group.

● In brief

• Shein’s adjusted net profit for the second quarter came to $228 million, and its margin narrowed to 2.1% from 6.2% a year earlier as conflict in the Middle East pushed up jet-fuel and freight costs.
• Fulfilment expenses rose 18.1% to $5.59 billion and now account for 50.4% of revenue, against 43.1% a year earlier. Shein chose to absorb these costs rather than pass them on to customers.
• Revenue in Europe fell 13.9% to $3.77 billion after Shein raised prices and cut online advertising ahead of the €3 EU fee on low-value parcels that took effect on 1 July.
• Shein’s market value dropped to about $17.5 billion, down from roughly $26 billion at the listing and a fraction of the roughly $100 billion it commanded at its 2022 peak.
• LVMH’s 52-week high stands at €654.70, reached in November 2025.

● Why it matters

Investors are repricing fashion at both ends of the market in the same week, and the business that holds its value on the stock exchange is jewellery.

• Shein’s model was built on cheap air freight and on parcels entering markets free of duty. Both conditions have changed in 2026, and the company’s chief executive and chair, Yangtian Xu, now plans a push into higher-priced clothing to restore profitability.
• At the top of the market, LVMH and Kering have given back their post-pandemic gains as investors question the prospects of a rebound, while Richemont’s climb shows no sign of slowing.
• Richemont earns most of its money through Cartier and Van Cleef & Arpels, which links the divergence directly to the category that keeps its value.
• The next marker is LVMH’s third-quarter revenue in October.