Shein aims to ⁠launch its Hong Kong initial public offering (IPO) Monday and is targeting a listing ​on Sept. ⁠1, slightly later than previously planned, a report said Thursday.

While Sept. 1 is the target date, the listing could happen a few days later, Reuters said, citing a source.

The online fast-fashion retailer was earlier reported to have been aiming to list on Aug. 28.

The delay, first reported by the South China Morning Post, comes as slower growth and rising costs have dampened investor appetite ⁠for ⁠Shein.

The retailer was seen just a few years ago as a disruptive challenger to established retailers such as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.

Among cornerstone investors in the IPO is the asset management arm of UBS Group, which would be investing in Shein for ⁠the first time, Reuters reported, citing another source with direct knowledge of the matter. A spokesperson for the Swiss bank declined to ​comment.

Cornerstone investors agree to buy a set amount of shares before ​an IPO, and sign up to a lockup period of six months.

Shein is targeting ⁠a ‌valuation of $26 ‌billion to $27 billion, another source told Reuters, ⁠down sharply from the $100 billion valuation ‌it achieved in a private fundraising in 2022.

The company had ​previously sought an ⁠IPO valuation of $30 billion to $40 billion when ⁠investor meetings ahead of the IPO first kicked off.