Shein’s UK revenue rose over 32% and its pretax profit rose over 56%.
Asia’s Shein, a fast-growing e-commerce challenger in the United States, reported on Friday that sales in its third-largest market, the UK, rose over 32% last year.
The performance, disclosed in a company filing and reported by Reuters, sheds light on Shein’s overall financial health as it gears for an initial public offering in Hong Kong. The company has not publicly disclosed its financial numbers.
Shein’s UK revenue was 2.05 billion pounds ($2.77 billion) in 2024. The local unit, Shein Distribution UK Ltd, reported a pretax profit of 38.25 million pounds for the year, up 56.6% from 2023.
On Stocktwits, the retail sentiment for SHEIN was ‘extremely bullish,’ and message volume was ‘high,’ as of early Friday.
Shein, which focuses on fast fashion, and its Asian peer Temu, owned by China’s PDD, grew handsomely in the U.S. in recent years. That was until the U.S. President Donald Trump imposed high tariffs on Chinese imports and scrapped its de minimis policy, which exempted low-cost imports from customs duties and checks.
Shein and Temu have since shifted their marketing and seller efforts to their home market, China, and European countries.
Founded in China and now based in Singapore, Shein has spent years pursuing a public listing, first in New York and then in London, but ran into opposition from U.S. and UK lawmakers.
Media reports say that it shifted its plan to Hong Kong, and confidentially filed for the IPO in the city-state between June and July.
In February, the Financial Times reported that Shein’s financials had been obtained through its sources. The report stated that the company’s revenue increased 19% to $38 billion, while its net profit declined 40% to $1 billion in calendar year 2024.
Shein was valued at $66 billion during its most recent funding round in 2023.
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