Shein UK sales jump 32% to reach £2.05bn thanks to moves like Liverpool pop-up store
Fast fashion retailer Shein has reported a nearly one-third increase in its UK sales last year, as it moves forward with plans to list the company on the stock market.
Newly filed accounts at Companies House also show improved profits, driven by continued demand for its low-cost products, particularly among younger consumers. The online fashion group—founded in China and now headquartered in Singapore—is pushing ahead with its bid for an initial public offering (IPO).
While Shein was previously expected to float on the London Stock Exchange, reports now suggest the company is edging closer to a listing in Hong Kong. This follows political backlash and an inability to obtain approval from China’s securities regulator for a foreign IPO.
New documents for Shein Distribution UK Ltd, the firm’s UK arm, show regional sales climbed 32.3% in 2024 to reach £2.05 billion. Shein attributed this growth to several initiatives, including the opening of two new offices in Kings Cross and Manchester, a pop-up store launch in Liverpool, and a festive bus tour that visited 12 UK cities.
Additionally, the company recorded a pre-tax profit of £38.3 million for the year, up from £24.4 million in 2023. In its filings, Shein noted that weakening consumer sentiment could present a risk to future performance.
While the company is known for its budget fashion offerings, it has diversified into other product areas such as toys and crafts. In the US, Shein has faced criticism, particularly after the Trump administration removed the “de minimis” tax exemption on low-value shipments.
The company had been accused of consolidating small parcels to lower its tax burden. In the UK, the Labour Government has announced a review of a similar tax exemption, amid concerns that retailers like Shein and Temu may have an unfair advantage over competitors.