Chinese fast fashion retail platform, SHEIN has reportedly recorded a major slump in its annual profit as it drops by 40 per cent to US $ 1 billion in 2024, according to reports.
This decline presents a significant challenge for the online fast-fashion retailer as it prepares for its planned listing on the London Stock Exchange. Full-year sales reportedly increased by 19 per cent to US $ 38 billion, based on internal projections.
These figures represent a substantial shortfall compared to the US $ 4.8 billion in net profit and US $ 45 billion in sales that SHEIN had projected for 2024, as reported by the FT, citing a company presentation.
This news follows recent reports of SHEIN cutting its IPO valuation. Reuters reported a potential valuation of around US $ 50 billion, down nearly 25 per cent, while Bloomberg suggested a possible valuation as low as US $ 30 billion.
The report also indicated that the London listing might be delayed until the second half of the year due to the potential loss of a US tax exemption, which could negatively impact profitability and increase prices in the US market. SHEIN has not yet commented on these reports.
Bharat Tex Special Report 2026 
