SHEIN’S British business made £1.55 billion (S$2.6 billion) in revenue in 2023 and a profit before tax of £24.4 million, 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 over the 16-month period from Sep 6 2021 to the end of 2022. REUTERS
