Shein's UK Profits Surge as IPO Plans Progress
The fast-fashion giant's revenue and profits have significantly increased, with plans for a London stock market listing underway.
- Shein's UK revenue reached £1.55 billion in 2023, marking a 38% increase from the previous reporting period.
- Pre-tax profits for Shein in the UK doubled to £24.4 million, while its tax contributions also increased substantially.
- The company is preparing for a potential London IPO, seeking a valuation of £50 billion, though regulatory approvals are pending.
- Shein's business model of low-cost, direct-to-consumer shipping from China has disrupted the budget fashion industry.
- Critics, including UK lawmakers, have raised concerns about Shein's supply chain transparency and tax practices.
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