Chinese fast fashion brand SHEIN is all set to surpass two big fashion names, Zara and H&M, this year. According to The Information, the retailer’s revenue surged to US $ 24 billion in the first nine months of 2023.
Last year, SHEIN reportedly made US $ 23 billion in revenue, as noted by the Wall Street Journal, with a net profit of US $ 800 million. Founded in 2008, SHEIN set an ambitious target to increase its revenue by 40 per cent by the end of this year. The brand seems well on course to meet this target.
Recent revenue figures suggest that SHEIN may have already left behind the Swedish fast fashion giant H&M. The company declared net revenue of US $ 16.4 billion and gross profit of US $ 8.2 billion over the nine-month period from 1st December 2022, to 31st August 2023.
Whereas, Inditex, the Spanish corporation behind Zara, reported US $ 18.3 billion in revenue for the six months from 1st February to 31st July, along with a gross profit of US $ 10.6 billion.
Despite its staggering growth, SHEIN faces a series of allegations including forced labour, contentious sourcing practices, intellectual property infringements and exploiting trade loopholes.
According to reports, the Singapore-headquartered platform is targeting a valuation of up to US $ 90 billion in a potential US initial public offering.
Bharat Tex Special Report 2026 
