Navigate

Fast fashion company Shein more than doubles its profits now that it has a blockbuster listing in its sights

  • The Chinese retailer posted a profit of more than £1.6 billion in 2023, up from £554 million
  • Turnover was £36 billion
  • Shein was founded in 2012 and is now based in Singapore

By city and financial reporter

Updated:

Fashionable: Shein’s popularity in Europe has soared in recent years, especially among younger shoppers

Fast fashion company Shein has more than doubled its profits as it eyes a blockbuster listing.

The Chinese retailer posted a profit of more than £1.6 billion in 2023, up from £554 million the year before. According to data from the FT, sales last year were £36 billion.

Shein was founded in 2012 and is now based in Singapore.

Its popularity in Europe has increased dramatically in recent years, especially among younger shoppers.

But the company is awaiting regulatory approval in Beijing and Washington for its plans for a massive initial public offering, expected in late 2024.

Clearly, London is a fallback option.

Shein, led by Chris Xu, has been criticized for its negative impact on the environment.

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow a commercial relationship to compromise our editorial independence.

Related Post
  1. Wealth planning for entrepreneurs: Getting ahead can maximise value come business sale or retirement

    > For budding entrepreneurs, long-term financial planning may be the last thing on their minds.…

  2. Energy Bills Discount Scheme: How does the new Government support for businesses work?

    > When the government announced energy bill assistance for households last year, businesses were initially…

  3. What Does Liquidity Trap Stand For?

    The economic well-being of a nation relies on a combination of factors and dependencies, like…