9th Oct 2024 09:16
(Alliance News) - Shein has revealed its sales surpassed GBP1.5 billion in the UK last year as the fast-fashion retailer continues to cash in on trends and draw in shoppers with low-cost items.
Shein's UK business generated revenues of GBP1.55 billion over 2023, up from GBP1.12 billion the prior year.
It also reported an annual profit of GBP18.7 million, nearly doubling the GBP9.8 million made last year.
The online retailer said a "milestone" for the year was setting up a UK base in Manchester, a city which is also home to rival boohoo Group PLC.
It also opened pop-up shops to showcase products from its best-selling collections in cities including Liverpool.
The UK business had 33 employees last year, primarily involved in marketing, but the new office could reportedly pave the way for recruiting a bigger team and targeting expansion across the country.
Reports that Shein is plotting to list on London's stock markets have rumbled throughout the year.
A potential flotation has been estimated to value the business at about USD66 billion.
It would mark one of the largest deals for the London Stock Exchange in a decade.
The Chinese-founded company, which is now based in Singapore, has disrupted the fast-fashion industry by shipping cheap clothes direct from factories in China to UK and US-based shoppers.
Shein has long faced controversy over its environmental impact and worker conditions.
Last year, US legislators called for the firm to be investigated over allegations that Uighur forced labour was used in the production of some of its clothes.
By Anna Wise, PA Business Reporter
source: PA
Copyright 2024 Alliance News Ltd. All Rights Reserved.