Shein’s UK sales hit US$2 billion in 2023 as it moves towards London IPO

The fast-fashion giant is set to hold informal investor meetings in the coming weeks for a planned London listing, sources say

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A Shein advertisement seen in London. Photo: Reuters

Published: 10:34am, 9 Oct 2024

Shein’s British business made 1.55 billion pounds (US$2 billion) in revenue in 2023, a filing by the online fast-fashion group showed on Tuesday, as it prepares for a hotly debated listing in London.

The annual revenue from the UK, Shein’s third-biggest market, was 38 per cent more than it had previously reported for a 16-month period to the end of 2022.

The group’s rapid growth, fuelled by its low-cost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden’s H&M and London-listed Asos and Boohoo.

Shein, valued at US$66 billion in a fundraising last year, is set to hold informal investor meetings in the coming weeks for a planned London initial public offering (IPO), sources said last week, as the group awaits UK regulatory approval.

A multibillion-dollar IPO would be a boost for London, which has struggled to attract big company listings in the wake of Brexit. But lawmakers have also called for scrutiny of Shein’s supply chain. The company has repeatedly said it is committed to respecting human rights.

Shein Distribution UK previously reported sales of 1.122 billion pounds over the 16 months from September 6, 2021 to the end of 2022. It did not give a figure for the calendar year 2022.