Shein Group Ltd.’s initial public offering plan has slowed to a crawl as the retailer assesses the impact of US tariffs on its business and awaits regulatory approvals, according to people familiar with the matter.

Online fast-fashion retailer Shein has dropped Brunswick and FGS, two communications firms that were supporting its push for a London initial public offering (IPO), a source familiar with the matter confirmed on Friday,

Shein is exploring ways to restructure its US business in the event the Trump administration sticks with punitive tariffs on Chinese imports, which have jeopardised its plans for a London stock market flotation.