A client carries a bag with promotional merchandise whereas visiting vogue retailer Shein’s Christmas bus tour, in Manchester, Britain, December 13, 2024.
Temilade Adelaja | Reuters
Shein’s U.Okay. arm generated £2.05 billion ($2.77 billion) in gross sales in 2024, up 32.3% from 2023, in line with a submitting launched on Friday.
The web fast-fashion retailer’s pre-tax revenue rose to £38.25 million in 2024 from £24.43 million in 2023.
The corporate highlighted a number of milestones through the 12 months, together with the opening of latest places of work in King’s Cross and Manchester, a pop-up store in Liverpool and a Christmas bus tour throughout 12 U.Okay. cities.
Shein flagged dangers similar to potential provide chain delays, increased prices from foreign money fluctuations and freight costs, IT system outages, and shifting UK laws that might require it to change or withdraw merchandise.
The Chinese language firm, which is headquartered in Singapore, additionally famous that weaker client confidence from increased inflation and dwelling prices may weigh on gross sales.
Shein confidentially filed for an preliminary public providing in Hong Kong earlier this 12 months, a transfer geared toward pressuring U.Okay. regulators and dashing up its long-delayed itemizing plans.
Earlier than this, the quick vogue big filed to listing in London however has struggled to obtain regulatory approval earlier than shifting its focus to Hong Kong.