SHEIN, the fast fashion firm, is reported to have told investors in an internal document that it made its greatest profit ever in the first half of 2023.
According to executive vice chairman Donald Tang’s letter, the company’s sales volume growth has accelerated while earnings have improved over the period.
Tang wrote, “We recorded the highest first half net profit in the company’s history, compared to a near break-even during the same period in 2022.”
SHEIN has a business plan that produces hundreds of new styles every day and caters to young Generation Z customers. The company has recently focused on expanding its marketplace, where independent suppliers may reach its enormous consumer base.
The idea was also mentioned in Tang’s letter, where the executive said that in Brazil, where the marketplace had just recently debuted, the monthly total value of goods sold since the start of 2023 had increased to close to US $ 100 million.
It happens at a time when whispers about a prospective IPO registration are intensifying despite the company having yet to confirm them.
According to the Wall Street Journal, the firm just obtained two billion dollars in financing and reached a valuation of almost US $ 64 billion, making it the largest Chinese corporation to be listed abroad.
