LONDON (Reuters) -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 56.7% from 24.4 million pounds in 2023.
(Reporting by Helen Reid and Nilutpal Timsina; editing by Alan Barona)
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