Fast fashion giant Shein has revealed its UK sales surged by almost a third last year ahead of plans to float the company.<\/p>\n
Fresh accounts filed on Companies House also showed higher profits as its low-price products continued to attract growing popularity, particularly among younger shoppers.<\/p>\n
It comes as the online retail group, which was founded in China and headquartered in Singapore, continues with efforts to secure a stock market IPO (initial public offering).<\/p>\n
The company had been widely tipped to launch on the London Stock Exchange but is reportedly nearing a listing in Hong Kong following criticism from politicians and failure to secure approval from China\u2019s securities regulator for the overseas listing.<\/p>\n
Shein had been widely tipped to launch on the London Stock Exchange but is reportedly nearing a listing in Hong Kong (PA) <\/p>\n
New filings for Shein Distribution UK Ltd, the retailer\u2019s UK operation, showed that sales in the region grew by 32.3% to \u00a32.05 billion in 2024.<\/p>\n
Shein said it benefited from the opening of two new offices in Kings Cross and Manchester, the launch of a pop-up shop in Liverpool and a Christmas bus tour across 12 cities in the UK.<\/p>\n
Meanwhile, it also reported a pre-tax profit of \u00a338.3 million for the year, having risen from \u00a324.4 million in 2023.<\/p>\n
In the accounts, the company warned that pressure on consumer sentiment could pose a potential risk to future trading.<\/p>\n
The retailer focuses on low-cost fashion but has also expanded to sell products including toys and crafts.<\/p>\n
Shein has come under pressure in the US over the past year, with President Trump\u2019s administration scrapping a \u201cde minimis\u201d duty exemption on low-value packages.<\/p>\n
Shein had been accused of bundling small packages in a bid to reduce its tax payments.<\/p>\n
The Labour Government has said it is reviewing a similar policy in the UK, amid concerns it is giving retailers such as Shein and Temu an advantage over rivals.<\/p>\n","protected":false},"excerpt":{"rendered":"Fast fashion giant Shein has revealed its UK sales surged by almost a third last year ahead of…\n","protected":false},"author":2,"featured_media":345951,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,122741,393,13403,4884,122742,3097,1144,712,8162,122743,16,15,1764],"class_list":{"0":"post-345950","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-companies-house","11":"tag-england","12":"tag-fast-fashion","13":"tag-great-britain","14":"tag-listing-in-hong-kong","15":"tag-london-stock-exchange","16":"tag-northern-ireland","17":"tag-scotland","18":"tag-shein","19":"tag-shein-distribution-uk-ltd","20":"tag-uk","21":"tag-united-kingdom","22":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115031589789631145","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/345950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=345950"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/345950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/345951"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=345950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=345950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=345950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}