Shein UK sales rise to 2.05bn in 2024 as listing shifts to Hong Kong

Shein reported a sharp rise in UK sales last year, with its UK arm posting 2.05 billion in revenue for 2024, a 32.3% increase from 2023, and a pretax profit of roughly 38.3 million, up from 24.4 million. The figures come as the fast-fashion group presses ahead with a plan to float its business on a public market, most likely in Hong Kong, after previous attempts to list in New York or London drew political and regulatory scrutiny. The UK operation also highlighted recent milestones, including two new offices in Kings Cross and Manchester, a temporary Liverpool shop, and a Christmas bus tour across 12 cities, all part of a broader push to deepen its presence in the region.

In the accounts filed for Shein Distribution UK Ltd, the company says the UK market has become a major engine of growth, now ranking as its third-largest global market behind the United States and Germany. The accounts also show a small but telling footprint in the local operation: 91 employees, with a gender-balanced leadership profile that included two female directors and five female senior managers, alongside a workforce majority comprised of women. The company cautioned that higher inflation and the cost...