Shein UK sales top £1.5bn and profits double
Shein’s UK business generated revenues of £1.55 billion over 2023, up from £1.12 billion the prior year.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Shein has revealed its sales surpassed £1.5 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 £1.55 billion over 2023, up from £1.12 billion the prior year.
It also reported an annual profit of £18.7 million, nearly doubling the £9.8 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 rivals Boohoo and PrettyLittleThing, and Missguided, which it owns.
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 66 billion US dollars (£50.3 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.