Business
GBR | Oct 9, 2024

Online retailer Shein’s 2023 sales hit US$2 billion in UK

/ Our Today

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(Reuters)

People walk past an advertisement for Shein, March 8, 2024 in London, Britain.
(PHOTO: REUTERS/Suzanne Plunkett)

Shein’s British business made 1.55 billion pounds (US$2.03 billion) in revenue in 2023 and a profit before tax of 24.4 million pounds, a filing by the online fast-fashion group showed on Tuesday, as the company prepares for a planned listing in London.

Shein’s rapid growth, fuelled by its low-cost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden’s H&M and London-listed Asos and Boohoo.

The 2023 revenue for Shein Distribution UK Limited marked a 38 per cent increase on its previously reported sales of 1.122 billion pounds over the 16-month period from September 6, 2021 to the end of 2022.

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