Margot Robbie and Jacob Elordi star in an adaptation of the classic novel that respects the romance’s slow burn.
3 min
The most 2026 element of the latest screen adaptation of 1847’s hottest novel, “Wuthering Heights,” is the scene in which Heathcliff repeatedly asks the young lady he’s undressing, “Do you want me to stop?” even as she writhes with lust, indicating an affirmative response is unlikely.
Previously understood as a notorious brute even by 19th-century standards, Heathcliff now exhibits signs of having earned perfect grades in today’s campus training modules.
There’s also a reference to septicemia, which is writer-director Emerald Fennell’s perhaps too-technical stab at explaining the nonspecific Victorian disease that afflicts one character.
Mostly, however, Ms. Fennell has done an admirable job of not modernising a dark and moody romance. If most of today’s filmmakers crave hearing, “This is not your mother’s (fill in the blank)” when adapting classic material, this pretty much is your mother’s “Wuthering Heights,” or at least one she will recognise.
Catherine Earnshaw, played with great soapy gusto by Margot Robbie, is still the same judgment-impaired social-climbing drama queen as ever, and Ms. Fennell frequently associates her with a rich, decadent red—the colour of the bordello—to suggest that she has unwisely traded her body for riches.
Ms. Fennell, who won an Oscar for writing the feminist parable “Promising Young Woman,” doesn’t bother suggesting that Catherine is a victim of society’s impossible expectations for women, which allows her to focus on the core story without intrusive mutters of disapproval for 19th-century mores.
The plot is a template for every Harlequin romance about a woman caught between a sexy beast and a languid but wealthy wimp.
Catherine, who lives with her frequently drunken father (Martin Clunes) on a struggling Yorkshire estate called Wuthering Heights, grows up with a wild, apparently orphaned boy adopted by her father after being found hapless in the street.
The boy at first doesn’t even talk, and seems to have no name, so Catherine calls him Heathcliff. As an adult, he is played by Jacob Elordi , an excellent match for Ms. Robbie, both in comeliness and star power.
The pair grow up best friends and even sleep in the same bed. The desperate attraction between them is evident to both, but Catherine has her sights set on a higher-status mate than this mere stable boy.
After much figurative and literal peering over the walls of the posh neighbouring estate, Thrushcross Grange, she twists an ankle and becomes a six-week houseguest of the gentleman who owns it, the wealthy Edgar Linton (Shazad Latif). He lives with his ward, Isabella (Alison Oliver). Heathcliff, in agony, moves away without notice while Catherine marries Edgar.
Ms. Fennell has greatly streamlined the complicated plot of Emily Brontë’s novel, eliminating the framing device, the supernatural element, several peripheral figures and a second generation of characters.
Other adaptations have made similar excisions, and yet the latest version is luxuriantly long, fully half an hour longer than the much-loved 1939 film by William Wyler that starred Merle Oberon, Laurence Olivier and David Niven.
Ms. Fennell is a millennial who might have been expected to make the material slick, hip or at least fast; she has done none of that.
The story is a slow burn, as it should be, an extended sonata of moaning winds, crackling storms, smouldering glances and heaving bosoms. When you’ve got two actors as luminous as Ms. Robbie and Mr. Elordi, you don’t need them to say clever things, and they don’t.
Having simplified matters, Ms. Fennell sloughs off the psychological depth of the novel and instead lavishes attention on the heavy breathing and the decor, exhibiting much interest in the ornate mansion in which the Linton family lives (one room is set aside for ribbons only) and the costumes and accessories with which Ms. Robbie is gloriously draped.
Catherine essentially becomes a character in a Sofia Coppola movie who grows increasingly trapped and anguished in proportion to her cosseting. A slate of songs by Charli XCX captures Catherine’s tragic self-absorption without seeming jarringly modern.
The movie is very much aimed at female viewers, and Heathcliff (whose bare-chested form Ms. Fennell’s camera adoringly takes in) is less robustly drawn than in some previous iterations, driven mainly by carnal lust rather than a more all-encompassing rage.
Olivier’s demonic anger at the world came through clearly, whereas Mr. Elordi’s Heathcliff seems as though he’d be content to simply peel away Catherine from Edgar. And though Nelly (Hong Chau), Catherine’s maid and confidante, plays an essential role in developments, her character remains a bit frustratingly hazy.
Still, in the wake of adaptations such as 2012’s “Anna Karenina,” with Keira Knightley , and 2013’s “The Great Gatsby,” with Leonardo DiCaprio, that were all sizzle and flash, “Wuthering Heights” is a worthy throwback.
Deeply felt longing is its own kind of sizzle.
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SHEIN’s Hong Kong IPO wiped a $4.4 billion obligation from its books, but the fast-fashion giant still faces a payout of up to $3.5 billion to early investors.
3 min
Companies typically go public to raise money to supercharge growth. Fast-fashion giant Shein has another motivation.
The company’s initial public offering in Hong Kong this week is allowing it to avoid paying out billions to early investors.
If Shein hadn’t sold shares by the end of the year, the company would have been required to fork out nearly $4.4 billion in cash to holders of its convertible redeemable preferred shares. With the IPO, the $17.3 billion in preferred shares was converted to ordinary equity, and that obligation was wiped off the books.
But Shein was still on the hook for another payment. Holders of those preferred shares were entitled to a payout of billions more, in part because the company’s valuation has fallen from its peak. That payout came to nearly $3.5 billion in cash, according to regulatory filings.
The retailer on Monday priced its shares at 48.56 Hong Kong dollars each, equivalent to about $6.20 and near the middle of the range of HK$47.60 and HK$49.50 it provided last week.
The company pressed ahead with its IPO despite slowing growth and regulatory headwinds in the U.S. and European Union. Shein priced its IPO at a valuation of around $26 billion, roughly a quarter of the $98.2 billion valuation it achieved in a funding round in 2022.
Shein started selling its wares in the U.S. around 2012 and shot to popularity during the pandemic when more people shopped online. Its supply-chain prowess and vast range of styles at affordable prices made the brand a favorite among many U.S. consumers. It showed other retailers, including Amazon.com, that consumers were willing to wait more than a week for their online purchases to be delivered—if the price was right. But rivals soon emerged, such as Temu, which sells more products apart from apparel.
Shein’s business model of selling massive amounts of cheap goods lost some of its shine as more countries started imposing tariffs on small packages. The U.S. removed a trade exemption that allowed packages valued at or below $800 to enter the country duty-free, and the EU has introduced a €3 (about $3.50) customs duty on imports of low-value parcels.
Shein has worked toward its IPO for years, and the looming $4.4 billion obligation wasn’t the only reason it went public. But the threat of the big payout on Dec. 31 was certainly a part of its reason to press ahead, said Jianggan Li, founder and chief executive of Momentum Works, a research advisory firm based in Singapore.
“Complete the listing before then,” said Li, “and a very large liability comes off the balance sheet.”
While that liability will now be off its books with a successful IPO, Shein said it was saddled with another bill: the roughly $3.5 billion it owed its early investors upon going public.
That amount includes $1.3 billion that Shein had to pay several late-stage pre-IPO investors who had been guaranteed a cash payout at an 8% or 12% annual return, and up to $2.2 billion in compensation for the fall in the company’s valuation in the period after they made their investments. The $2.2 billion was a projection based on the lower end of the offer price range, or HK$47.60 per share, so the total bill will likely be smaller than $3.5 billion. The exact amount has yet to be disclosed by the company.
Notably, the amount it owes investors is more than the roughly $1.7 billion the company raised in the IPO. The company said it was paying the funds to its investors out of cash it has on hand.
The investors entitled to the payments include entities linked to HSG, formerly known as Sequoia China, Boyu Capital, Tiger Global, General Atlantic, Thrive Capital and others.
“What the IPO really does here is resolve the capital-structure overhang,” Li said. “It gives investors liquidity, terminates those preferred-share rights and cleans up obligations created when Shein raised money at much higher valuations.”
Shein could have kicked the can down the road by renegotiating terms with its investors, he said: “Shein is not taking the cheapest way out of its old financing obligations. It is taking the cleaner way out.”
