LONDON — Fast-fashion retailer Shein's executive chairman Donald Tang told investors in a letter on Monday that 'growth remains strong' despite the United States ending duty-free treatment of low-value e-commerce packages from China and hiking tariffs.

Shein is working toward an initial public offering (IPO) in London, but US President Donald Trump's decision to end the 'de minimis' duty-free provision for imports from China worth less than $800 triggered concerns about its business model, with some analysts saying Shein and rival PDD Holdings-owned Temu would have to raise prices.