Shein’s UK arm sees profits surge as revenues hit £2bn
Shein Uk also highlighted several milestones during the year, including opening new offices in King’s Cross and Manchester, launching a pop-up store in Liverpool, and running a Christmas bus tour across 12 UK cities
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Shein’s UK arm saw revenues jump 32% to £2.05bn for the full year ended 31 December 2024, according to its latest accounts filed with Companies House.
Ahead of a potential float on the Hong Kong stock exchange, Shein also saw its UK profit-before-tax hit £38.25m in 2024, up from £24.43m in 2023.
Shein UK also highlighted several milestones during the year, including opening new offices in King’s Cross and Manchester, launching a pop-up store in Liverpool, and running a Christmas bus tour across 12 UK cities.
The news comes as the Singapore-based online retailer is said to have privately submitted a draft prospectus In July to the Hong Kong stock exchange and sought approval from the Chinese Securities Regulatory Commission (CSRC).
Shein first filed for a London IPO around 18 months ago but has not secured regulatory clearance.
The delay was understood to relate to disagreements between Chinese and UK regulators over the wording of the prospectus’s risk disclosure section, particularly on how to describe supply chain risks in the Xinjiang region, where China faces allegations of human rights abuses.
The news follows reports that Shein is also considering ways to restructure its US business to mitigate the impact of tariffs on goods from China.
Two people familiar with the matter said one option under review is shifting production for the US market to countries outside China.
