Fast-fashion giant SHEIN grew its UK business sharply in 2024, with sales rising 32.3% year-on-year to US $ 2.6 billion, as the retailer continued to outpace rivals while progressing towards a Hong Kong stock market listing.
Latest filings for SHEIN Distribution UK Ltd show pre-tax profit surged 56.6% to US $ 48.6 million, driven by strong demand for its low-cost, trend-led ranges. The Singapore-headquartered company, founded in China, marked several milestones during the year, including the opening of new offices in King’s Cross and Manchester, a Liverpool pop-up, and a Christmas bus tour covering 12 UK cities.
SHEIN, known for ultra-low prices, has also expanded beyond apparel into toys, crafts, and home storage, helping it capture market share from retailers such as Asos and H&M.
However, the company warned of potential headwinds, including supply chain delays, rising freight costs, currency volatility, and evolving UK regulations. Weaker consumer sentiment, shaped by inflation and higher living costs, was also flagged as a risk to sales.
The fast-fashion player remains under political scrutiny in several markets amid concerns over its use of duty exemptions on low-value imports. The EU is set to scrap its US $ 176 waiver, Britain is reviewing its policy, and in the US, the removal of the “de minimis” exemption has already pushed costs higher.
SHEIN confidentially filed for a Hong Kong IPO earlier this year, after shelving plans for a London listing that faced political opposition and delays in Chinese regulatory approval.
