LONDON: Shein’s British business made £2.05 billion in sales in 2024, a 32.3% increase from the previous year, a filing by the online fast-fashion retailer showed early on Friday.
Shein does not report global results publicly, but the filing sheds light on its growth in Britain, its third-biggest market after the US and Germany, as the company works toward an initial public offering in Hong Kong.
Founded in China and headquartered in Singapore, Shein has spent years attempting to list, first in New York and then in London, but faced criticism from US and UK politicians and failed to get approval from China’s securities regulator for the offshore IPO at a time of increasing tensions between China and the US.
The global retailer’s UK business, Shein Distribution UK Ltd, reported a pretax profit of £38.25 million in 2024, up 56.7% from £24.4 million in 2023.