(Reuters) – Shein’s British business made 1.55 billion pounds ($2.03 billion) in revenue in 2023 and a profit before tax of 24.4 million pounds, a filing by the online fast-fashion group showed on Tuesday, as the company prepares for a planned listing in London.
Shein’s rapid growth, fuelled by its low-cost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden’s H&M and London-listed Asos and Boohoo.
The 2023 revenue for Shein Distribution UK Limited marked a 38% increase on its previously reported sales of 1.122 billion pounds over the 16-month period from Sept. 6 2021 to the end of 2022.
($1 = 0.7638 pounds)
(Reporting by Helen Reid in London and Prerna Bedi in Bengaluru; Editing by Tasim Zahid and Louise Heavens)
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