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2w ago

Shein UK Sales Surge 32% to £2.05 Billion Ahead of Hong Kong IPO

Regulatory delays in China have stalled its offshore listing as new trade-duty rules threaten its ultra-low-price model.

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The company’s UK growth was supported by the opening of offices in King’s Cross and Manchester

Overview

  • Shein Distribution UK Ltd posted £2.05 billion in 2024 sales, up 32.3% year-on-year, while pre-tax profit climbed 56.6% to £38.25 million.
  • The retailer attributed growth to new offices in London’s King’s Cross and Manchester, a pop-up shop in Liverpool and a Christmas bus tour across 12 UK cities.
  • A confidential filing with Hong Kong Exchanges follows failed listing attempts in New York and London after Beijing’s securities regulator withheld offshore IPO approval.
  • Reforms ending low-value parcel duty exemptions in the US and EU, together with a UK policy review, are set to erode Shein’s tariff-free shipping advantage.
  • Shein has faced UK parliamentary scrutiny over alleged use of Xinjiang-sourced cotton and warned of possible supply delays, higher costs and shifting regulations threatening future trading.