Online retailer Shein‘s revenue growth slowed to 23% in the first half of this year, from 40% last year, The Information reported on Tuesday, citing two people familiar with the matter, as it prepares for a highly anticipated listing in London.

The deceleration in growth coincides with rising competition from Chinese bargain shopping site Temu, which has grown in popularity in recent years in the U.S., the report said.

The company’s profit declined more than 70% to just below $400 million in the first half of this year, according to the report. Revenue during the period reached $18 billion.

Shein, which sells $5 tops and $10 dresses, has seen rapid growth fueled by its low-cost business model of sending parcels to customers worldwide straight from factories in China.

The company was valued at $66 billion in a fundraising round last year and held informal investor meetings this month for a planned London initial public offering, Reuters reported.

Shein does not publicly report its global results.

Earlier in October, a filing by the online fast-fashion group showed Shein’s British business generated 1.55 billion pounds ($2 billion) in revenue in 2023.

Shein did not immediately respond to a request for comment.