Shein's UK Profit Surge Amid London Listing Plans

Shein's UK division reported revenues of 1.55 billion pounds in 2023, with a profit before tax of 24.4 million pounds. The fast-fashion leader is set for a London listing, highlighting its growth strategy based on low-cost shipping directly from Chinese factories, challenging giants like H&M and Asos.

Shein's British operations recorded a significant financial uptick in 2023, amassing a revenue of 1.55 billion pounds, with a profit before tax standing at 24.4 million pounds, according to a recent filing by the company.

The online fast-fashion retailer is making strides towards a planned market listing in London, indicating its robust expansion within the industry.

Notably, Shein's business model, which emphasizes low-cost direct shipping from China, has disrupted the budget fashion sector, intensifying competition for established players like Sweden's H&M as well as Asos and Boohoo in London.

(With inputs from agencies.)