Shein’s UK sales soared to £1.55 billion ($2 billion) last year ahead of the online fashion retailer’s potential initial public offering in London.
The company, which was founded in China but is now based in Singapore, saw its British revenue rise 38% in 2023 from a year earlier, according to a document filed last week with the UK Companies Registry.
Shein has become one of the most valuable startups in the world thanks to its ultra-cheap, high-volume fashion model. The e-commerce company is awaiting regulatory approval in China and the United Kingdom to proceed with an initial public offering that would boost the London stock market amid a dearth of listings. The IPO could value Shein at around £50 billion, Bloomberg reported earlier this year.
Shein had been considering listing in the United States but decided to look elsewhere given the company’s intense scrutiny and its Chinese roots.
Pre-tax profits in Britain doubled in 2023 to £24.4 million, Companies House filing shows. It was presented under Shein Distribution UK Limited, the company’s subsidiary in the country that was established in 2021.
Major milestones of the year included the opening of its Manchester office and pop-up stores across the UK, including a bus tour, the company said.
The increase in sales in 2023 was due to strong customer demand, a Shein spokesperson said in a statement.