Shein’s global website traffic, app downloads, and U.S. sales have either stagnated or declined further this year, Bloomberg reported, according to Ming Pao.

The analysis, based on data from multiple retail-tracking firms, said the broader industry slowdown has also weighed on PDD Holdings’ Temu and Amazon’s e-commerce business. The trend has raised investor questions about the sustainability of Shein’s low-cost fast-fashion business model.