Latest news with #SheinDistributionUKLtd
Time of India
a day ago
- Business
- Time of India
Fast fashion retailer Shein's UK sales surged to $2.8 billion in 2024
Shein 's British business made 2.05 billion pounds ($2.77 billion) in sales in 2024, a 32.3% increase from the previous year, a filing by the online fast-fashion retailer showed early on Friday. 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 toward an initial public offering 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 U.S. 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 U.S. The global retailer's UK business, Shein Distribution UK Ltd, reported a pretax profit of 38.25 million pounds in 2024, up 56.6% from 24.4 million pounds 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 prices, Shein runs constant promotions and offers coupons or rewards that encourage shoppers to keep buying. Shein has taken market share from retailers like ASOS and H&M as surging inflation dented consumers' spending power, driving them to hunt for bargains. Shein has also broadened its offering beyond fashion - the UK site sells 7.99-pound ($10.84) dresses and 15-pound ($20.36) 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 U.S., where imports from China are now subject to steep tariffs. U.S. President Donald Trump's administration has scrapped its "de minimis" exemption for parcels under $800, and the European Union plans to remove its equivalent duty waiver on e-commerce parcels worth less than 150 euros. Britain is also reviewing its policy on low-value imports after retailers said it was giving online players like Shein and Temu an unfair advantage.
Business of Fashion
2 days ago
- Business
- Business of Fashion
Fast-Fashion Retailer Shein's UK Sales Surged to $2.8 Billion in 2024
Shein's British business made £2.05 billion ($2.77 billion) in sales in 2024, a 32.3 percent increase from the previous year, a filing by the online fast-fashion retailer showed early on Friday. 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 toward an initial public offering 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 Ltd, reported a pretax profit of £38.25 million in 2024, up 56.6 percent 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 prices, Shein runs constant promotions and offers coupons or rewards that encourage shoppers to keep buying. Shein has taken market share from retailers like ASOS and H&M as surging inflation dented consumers' spending power, driving them to hunt for bargains. Shein has also broadened its offering beyond fashion — the UK site sells £7.99 ($10.84) dresses and £15 ($20.36) 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 $800, and the European Union plans to remove its equivalent duty waiver on e-commerce parcels worth less than €150. Britain is also reviewing its policy on low-value imports after retailers said it was giving online players like Shein and Temu an unfair advantage. By Helen Reid, Nilutpal Timsina and Mrinmay Dey; Editor: Alan Barona Learn more: Shein Is Struggling to Clean Up Its Dirty Image The company's latest sustainability report shows it's still fashion's most polluting player, with planet-warming emissions that far outstrip those of rivals and help make the brand a target for politicians and regulators.
The Independent
2 days ago
- Business
- The Independent
Shein profits surge following record sales in UK
Shein 's British business saw sales surge to £2.05 billion in 2024, a 32.3 per cent increase from the previous year, while pre-tax profits for its UK arm, Shein Distribution UK Ltd, climbed 56.6 per cent to £38.25 million. The UK is now the fast-fashion giant's third-largest global market, behind the US and Germany, as the company pursues an initial public offering in Hong Kong. Founded in China and headquartered in Singapore, Shein has faced a challenging path to listing. Previous attempts in New York and London encountered criticism from US and UK politicians, and it failed to secure approval from China's securities regulator for an offshore IPO amidst increasing US-China tensions. Shein said it benefited from the opening of two new offices in Kings Cross and Manchester, the launch of a pop-up shop in Liverpool and a Christmas bus tour across 12 cities in the UK. Known for heavily discounted prices, the brand employs constant promotions and rewards to encourage continuous consumer purchasing. Shein has taken market share from retailers like ASOS ASOS.L and H&M as surging inflation dented consumers' spending power, driving them to hunt for bargains. Shein has also broadened its offering beyond fashion — the UK site sells £7.99 ($10.84) dresses and £15 ($20.36) 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 $800, and the European Union plans to remove its equivalent duty waiver on e-commerce parcels worth less than 150 euros. The Labour Government has said it is reviewing a similar policy in the UK, amid concerns it is giving retailers such as Shein and Temu an advantage over rivals.
Time of India
2 days ago
- Business
- Time of India
Fast fashion retailer Shein's UK sales surged to $2.8 billion in 2024
Academy Empower your mind, elevate your skills Shein's British business made 2.05 billion pounds ($2.77 billion) in sales in 2024, a 32.3% increase from the previous year, a filing by the online fast-fashion retailer showed early on 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 toward an initial public offering in Hong 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 global retailer's UK business, Shein Distribution UK Ltd, reported a pretax profit of 38.25 million pounds in 2024, up 56.6% from 24.4 million pounds 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 for deeply discounted prices, Shein runs constant promotions and offers coupons or rewards that encourage shoppers to keep buying. Shein has taken market share from retailers like ASOS and H&M as surging inflation dented consumers' spending power, driving them to hunt for has also broadened its offering beyond fashion - the UK site sells 7.99-pound ($10.84) dresses and 15-pound ($20.36) jeans, as well as everything from toys and craft supplies to storage 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 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 President Donald Trump's administration has scrapped its "de minimis" exemption for parcels under $800, and the European Union plans to remove its equivalent duty waiver on e-commerce parcels worth less than 150 is also reviewing its policy on low-value imports after retailers said it was giving online players like Shein and Temu an unfair advantage.
RTÉ News
2 days ago
- Business
- RTÉ News
Shein's UK sales surged to £2 billion in 2024
Shein's British business made £2.05 billion in sales in 2024, a 32.3% increase from the previous year, a filing by the online fast-fashion retailer showed today. Shein does not report global results publicly, but the filing sheds light on its growth in Britain, its third-biggest market after the US and Germany, as the company works toward an initial public offering 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 Ltd, reported a pretax profit of £38.25m in 2024, up 56.6% from £24.4m 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 prices, Shein runs constant promotions and offers coupons or rewards that encourage shoppers to keep buying. Shein has taken market share from retailers like ASOS and H&M as surging inflation dented consumers' spending power, driving them to hunt for bargains. 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 $800, and the European Union plans to remove its equivalent duty waiver on e-commerce parcels worth less than €150. Britain is also reviewing its policy on low-value imports after retailers said it was giving online players like Shein and Temu an unfair advantage.
