This piece tackles three questions—1) By dissecting the prospectus, what is SHEIN really, where does its revenue come from, and is it profitable?

2) Everyone talks about the small-batch, fast-turn model—how does it actually work, where are the moats, and why can't Zara, Temu, or Amazon replicate it?

3) With an IPO imminent, what valuation looks rich, and what price sits in the 'strike zone'?