Business reporter
Shein’s UK sales soared by a third last year creating a huge profit boost for the Chinese fast fashion giant, its latest accounts reveal.
The brand’s sales to UK shoppers hit £2bn, pushing its profits up by 57% compared to 2023, its full year accounts for 2024 show.
However, the company said it recognised “higher inflation and increased cost of living may affect customer purchasing habits” going forward.
Shein, which ships low cost clothing and other products direct from China to customers around the world, is hoping to list its shares on the London market.
But it has faced criticism over working conditions at its Chinese factories and the environmental impact of its business model.
Founded in China but now headquartered in Singapore, Shein focuses on keeping prices low, using promotions and rewards to encourage shoppers to keep buying.
In addition to ultra-low-cost summer dresses and denim jeans the site also now sells a wide range of other products from toys and games to kitchenware.
The rising cost of living has continued to draw customers away from high street brands and even other online retailers such as Asos.
UK operation
New filings for Shein Distribution UK Ltd, the retailer’s UK operation, show sales grew by 32.3% to £2.05bn in 2024.
Meanwhile, it also reported a pre-tax profit of £38.3m for the year, up from £24.4m in 2023.
It said “significant milestones” from 2024 included opening two 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.
The document also reveals Shein UK has 91 employees – 68 women and 23 men – who were primarily providing expertise on the UK market.
The company had two female directors with five female senior managers at 31 December 2024.
