Shein, the Chinese fast fashion retailer, experienced a significant increase in sales in the UK, with a reported growth of 32.3%, bringing total sales to £2.05 billion in 2024. This surge contributed to a 57% rise in profits compared to 2023, resulting in a pre-tax profit of £38.3 million, up from £24.4 million in the previous year. The company’s full year accounts for 2024 indicate that it is well-positioned despite potential challenges from rising inflation and a higher cost of living, which the company acknowledges may influence customer buying patterns.
Shein, originally founded in China and now headquartered in Singapore, operates by shipping low-cost clothing and other products directly to consumers globally. It is currently seeking to list its shares on the London Stock Exchange. In addition to apparel, Shein has expanded its inventory to include a variety of products, including toys, kitchenware, and games.
Recent filings also indicate that Shein’s UK operations have marked important developments, such as the opening of two offices in Kings Cross and Manchester, the launch of a pop-up shop in Liverpool, and a promotional Christmas bus tour across various cities in the UK. The company employs 91 people in its UK division, predominantly women, with a leadership team comprising two female directors and five senior female managers.
Despite its rapid expansion, Shein has faced scrutiny regarding the working conditions in its Chinese factories and the environmental implications of its fast fashion business model. As the retail landscape evolves, it remains to be seen how Shein will navigate these criticisms while maintaining its growth trajectory.
Source: https://www.bbc.com/news/articles/c5ylp1812nlo?at_medium=RSS&at_campaign=rss