Shein’s UK profits double as sales hit £1.55bn in 2023

Shein’s UK arm has seen revenues rise by 38% to £1.55bn in the year ended 31 December 2023, up from £1.12bn the prior year.Meanwhile, pre-tax profit doubled from £12.2m to £24.4m over the year, according to new filings on Companies House.

In the latest accounts for Shein Distribution UK Ltd, the company highlighted some “significant milestones” achieved over the period, including the opening of a new Manchester office, and a series of pop up shops around the UK. 

These latest results mean that Shein’s UK sales have overtaken rival Boohoo’s latest full-year revenues, with Boohoo reporting that its revenues fell by 17% to £1.46bn in the year ended 29 February 2024.

Shein’s latest filings follow reports that the fast fashion giant is set to hold informal talks with potential investors in the coming weeks regarding its much anticipated London initial public offering (IPO).

Sources with knowledge of the matter told Reuters that discussions will be held as the fast fashion giant awaits UK regulatory approval to launch on the London Stock Exchange.

The retailer reportedly plans to hold informal roadshows mainly across Europe, where it will field large investors’ questions and gauge their interest, one source told Reuters.

Shein confidentially filed paperwork to launch its £50bn IPO in London back in June, despite rumours at the time that the float could be scrapped amid pressure from Chinese officials. 

According to sources, it was “not immediately clear” when Shein plans to launch the IPO. However, the fast-fashion retailer reportedly updated China’s securities regulator officially about its change of listing venue.

With approval from both the FCA and CSRC, Shein would be able to publicly file an intention to float on the London Stock Exchange.