Shein's revenue rises to US$10 billion in first quarter, before Trump tariffs
The performance helped lift the company's profit margin to about 5 per cent, the people said, asking not to be identified because the figures were disclosed confidentially.
Shein said in an emailed statement that 'the data is inaccurate' without elaborating.
The company's path toward an initial public offering has developed into a saga, with an initial plan to list in the US derailed as its supply chain and labour practices were scrutinised.
Shein also
considered the UK before opting for Hong Kong, where it confidentially filed a draft prospectus, Bloomberg reported in July.
The clothing retailer, which was founded in mainland China and is headquartered in Singapore, does not disclose its financial figures publicly and it is unclear how Shein fared in the April-June quarter, which kicked off with US President Donald Trump's 'Liberation Day' tariff announcements.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
Ukraine war: Trump threatens India with higher tariffs over Russian oil
US President Donald Trump said on Monday that he would substantially raise tariffs on India over its purchases of Russian oil. 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine,' Trump said in a social media post. 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' He did not elaborate on what the tariff would be. India's trade ministry did not immediately respond to a request for comment. Last week, Trump said he would impose a 25 per cent tariff on goods imported from India and added that the world's fifth-largest economy would also face an unspecified penalty but gave no details.
South China Morning Post
3 hours ago
- South China Morning Post
Trump threatens India with ‘substantially' higher tariffs over Russian oil amid Ukraine war
US President Donald Trump said on Monday that he would substantially raise tariffs on India over its purchases of Russian oil. 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine,' Trump said in a social media post. 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' He did not elaborate on what the tariff would be. India's trade ministry did not immediately respond to a request for comment. Last week, Trump said he would impose a 25 per cent tariff on goods imported from India and added that the world's fifth-largest economy would also face an unspecified penalty but gave no details.
South China Morning Post
4 hours ago
- South China Morning Post
Hong Kong employers' group urges domestic helper wage freeze, cites poor economy
A Hong Kong employers' group has called for freezing the minimum salaries of foreign domestic helpers given the economic slowdown, after some unions representing the workers asked for up to a 30 per cent pay rise to HK$6,500 (US$833) a month. Yung Ma Shan-yee, chairwoman of the Hong Kong Employers of Overseas Domestic Helpers Association, said on Monday that such a higher base rate would only lead to fewer job opportunities for the workers. 'We don't support such an increase in the minimum wage under the current economic situation, as many people are experiencing a salary freeze or losing their jobs,' she said. The employers' group was responding to the appeal from some migrant workers groups for a raise of up to 30 per cent for Hong Kong's 370,000 helpers to HK$6,500 a month and for their food subsidy to be at least doubled to HK$2,700. The Hong Kong Federation of Asian Domestic Workers Unions, which asked for the 30 per cent pay rise on Sunday, blamed current government policy for leaving many helpers in a 'hungry and malnourished' condition, saying the value of their work and contribution to the economy had to be reflected in their wages. But Yung said that a higher minimum wage would affect many low-income employers, such as retired or elderly individuals.
