Shein's UK Sales Soar: A Leap Towards Global IPO

Shein's UK business, Shein Distribution UK Ltd, reported a remarkable 32.3% rise in sales, reaching 2.05 billion pounds in 2024. With a 56.7% increase in pretax profit, Shein eyes a public offering in Hong Kong amid global regulatory challenges, reinforcing its position in its third-largest market.

Shein has achieved a significant milestone in its British business, recording a staggering 32.3% increase in sales for 2024, amounting to 2.05 billion pounds, as revealed in a recent filing. This surge highlights Shein's growing influence in the UK, its third-largest market following the United States and Germany.

Despite not disclosing its global earnings, the online fast-fashion giant's filing provides insight into its strategy as it aims for a public offering in Hong Kong. Founded in China and now based in Singapore, Shein has previously attempted to list in New York and London, but faced political and regulatory hurdles.

Shein Distribution UK Ltd, the company's British arm, also reported a 56.7% increase in pretax profit, reaching 38.25 million pounds in 2024. This financial growth underscores Shein's robust market performance amid global regulatory challenges, positioning it as a formidable player in international retail operations.

(With inputs from agencies.)