Shein’s British business has made 2,05 billion pounds ($ 2.77 billion) of sales in 2024, with an increase of 32.3% compared to the previous year, a deposit of the retailer of fast online models showed on Friday.Shein does not publicly report global results, but the deposit sheds light on its growth in Great Britain, its third largest market after the United States and Germany, while the company works for an initial public offer to Hong Kong.
Founded in China and based in Singapore, Shein has spent years trying to list, first in New York and then in London, but faced criticism from US and British politicians and did not get the approval from the China regulator for titles for the offshore IPO at a time of growing tension between China and US
The UK business of the global retailer, Shein Distribution UK Ltd, recorded a useful estimated of 38.25 million pounds in 2024, growing by 56.6% of 24.4 million pounds in 2023. In the archive, Shein highlighted the milestones of 2024, such as a pop-up shop in Liverpool, a Christmas bus tour through 12 cities of the United Kingdom and the opening of two new offices in Kings Cross and Manchester.
Known for deeply discounted prices, Shein manages constant promotions and offers coupons or prizes that encourage buyers to continue to buy. Shein has taken market shares from retailers such as ASOS and H&M as an increase in the expenditure power of dented consumers, pushing them to hunt business.
Shein has also expanded its offer beyond fashion: the UK website sells 7.99 pounds ($ 10.84) and 15 pound jeans ($ 20.36), as well as everything, from toys and craft supplies to storage units.Shein’s activity has benefited from customs exemptions on low-value e-commerce packages that allow you to send goods directly from the factories to China at the gates of buyers largely without rates.
But that advantage is leaving, guiding the costs of Shein – and the prices – in particular in the United States, where imports from China are now subject to strong rates.
The administration of the President of the United States Donald Trump has demolished its “de minimis” exemption for parcels less than $ 800 and the European Union plans to remove its renunciation of the duty equivalent on e-commerce packages worth less than 150 euros.
Great Britain is also examining its policy on low value imports after retailers said that he was giving players online as Shein and Temu an unjust advantage.
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