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Shein had a blockbuster year in the UK in 2024 ahead of its highly anticipated London IPO.
The Singapore-based fast fashion giant posted annual revenue hikes of more than 30% in the UK and a profit increase of more than 55% compared to 2023, per a company filing on August 13.
It also more than tripled its head count in the UK. The country is Shein’s third-largest market, per Reuters.
The filing comes after the company confidentially filed for a Hong Kong IPO in early July, the Financial Times reported, citing anonymous sources.
It has been gunning for a London IPO. Reuters, citing anonymous sources, reported in April that the company had submitted a prospectus to the UK financial conduct authority, which was approved.
However, its appeal for a foreign IPO was rejected by the China Securities Regulatory Commission, per Reuters.
Here are some charts to visualize how Shein fared in the UK in 2024.
Revenue
Shein posted UK revenues of £2.046 billion in 2024, or about $2.78 billion. This was a 32% increase from 2023, when it earned revenues of £1.550 billion.
Profit for the year
According to the filing, the company reported a 56.6% increase in profits from 2023 to 2024 in the UK.
Its profits increased from £24.4 million in 2023 to £38.3 million in 2024.
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Head count
Shein ramped up its workforce in the UK in 2024, nearly tripling its head count.
According to the filing, Shein’s UK employee count rose from 33 at the end of 2023 to 91 at the end of 2024. The employees were involved in administrative, sales, and marketing roles.
“The Company had 91 employees during the year to 31 December 2024 who were primarily providing marketing expertise for the UK market,” it added.
The filing added that of the 91 employees, 23 were men and 68 were women.
While its sales have soared, the company has also been the subject of scrutiny, with regulators investigating its operations.
In May, the European Commission said it had conducted an investigation into Shein. The organization accused Shein of engaging in multiple practices “in breach of EU law.”
These included offering fake discounts, using deceptive product labels, and making misleading sustainability claims.
Its US operations have also been affected by President Donald Trump closing the de minimis loophole, which allowed small packages under $800 to enter the US tax-free. It had to increase its prices in the US to offset Trump’s tariffs.
Representatives for Shein did not respond to a request for comment from Business Insider.
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