Shein's UK sales surge to £2.1 billion in 2024, boosting profits as IPO looms
Shein does not report global results publicly, but the filing sheds light on its growth in Britain, its third-biggest market after the United States and Germany, as the company works towards an initial public offering (IPO) in Hong Kong.
Founded in China and headquartered in Singapore, Shein has spent years attempting to list, first in New York and then in London, but faced criticism from US and UK politicians and failed to get approval from China's securities regulator for the offshore IPO at a time of increasing tensions between China and the US.
The global retailer's UK business, Shein Distribution UK, reported a pretax profit of £38.3 million in 2024, up 56.6 per cent from £24.4 million in 2023.
In the filing, Shein highlighted 2024 milestones, such as a pop-up shop in Liverpool, a Christmas bus tour across 12 UK cities and the opening of two new offices in Kings Cross and Manchester.
Known for deeply discounted pricing, Shein runs constant promotions and offers coupons or rewards that encourage shoppers to keep buying. Shein has taken market share from retailers such as Asos and H&M as surging inflation dented consumers' spending power, driving them to hunt for bargains.
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Shein has also broadened its offering beyond fashion, the UK site sells £7.99 dresses and £15 jeans, as well as everything from toys and craft supplies to storage units.
Shein's business has benefited from customs duty exemptions on low-value e-commerce packages that allow it to send goods directly from factories in China to shoppers' doorsteps largely tariff-free.
But that perk is on its way out, driving Shein's costs – and prices – up, particularly in the US, where imports from China are now subject to steep tariffs.
US President Donald Trump's administration has scrapped its 'de minimis' exemption for parcels under US$800, and the European Union plans to remove its equivalent duty waiver on e-commerce parcels worth less than 150 euros (S$225).
Britain is also reviewing its policy on low-value imports after retailers said that it was giving online players such as Shein and Temu an unfair advantage. REUTERS
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