Fast fashion giant Shein has revealed its UK sales surged by almost a third last year ahead of plans to float the company.
Fresh accounts filed on Companies House also showed higher profits as its low-price products continued to attract growing popularity, particularly among younger shoppers.
It comes as the online retail group, which was founded in China and headquartered in Singapore, continues with efforts to secure a stock market IPO (initial public offering).
The company had been widely tipped to launch on the London Stock Exchange but is reportedly nearing a listing in Hong Kong following criticism from politicians and failure to secure approval from China’s securities regulator for the overseas listing.
New filings for Shein Distribution UK Ltd, the retailer’s UK operation, showed that sales in the region grew by 32.3% to £2.05 billion in 2024.
Shein said it benefited from the opening of two new offices in Kings Cross and Manchester, the launch of a pop-up shop in Liverpool and a Christmas bus tour across 12 cities in the UK.
Meanwhile, it also reported a pre-tax profit of £38.3 million for the year, having risen from £24.4 million in 2023.
In the accounts, the company warned that pressure on consumer sentiment could pose a potential risk to future trading.
The retailer focuses on low-cost fashion but has also expanded to sell products including toys and crafts.
Shein has come under pressure in the US over the past year, with President Trump’s administration scrapping a “de minimis” duty exemption on low-value packages.
Shein had been accused of bundling small packages in a bid to reduce its tax payments.
The Labour Government has said it is reviewing a similar policy in the UK, amid concerns it is giving retailers such as Shein and Temu an advantage over rivals.
