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5d ago

Shein’s UK Sales Surge to £2.05 Billion as Hong Kong IPO Nears

Ongoing regulatory delays coupled with import duty reforms test the fast-fashion giant’s low-cost model on its path to a Hong Kong float.

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

Overview

  • Shein’s British arm recorded a 32.3% rise in 2024 sales to £2.05 billion, making the UK its third-largest market.
  • Pre-tax profit climbed 56.6% to £38.25 million, buoyed by local milestones including new offices, a Liverpool pop-up and a Christmas bus tour.
  • After failed listing bids in New York and London, the company has redirected its offshore IPO plans toward Hong Kong following Chinese regulator delays.
  • Recent removal and review of low-value parcel duty exemptions in the US, EU and UK are eroding Shein’s price advantage and driving up costs.
  • Heightened scrutiny over consumer-protection breaches, EU fines and allegations of Xinjiang-linked cotton continue to complicate its public-offering outlook.