Business
Shein’s London Move: UK Sales Skyrocket to $2 Billion Ahead of Anticipated IPO, Disrupting Budget Fashion Industry
Shein's sales in the UK reached a staggering $2 billion in 2023 as the company gears up for a London IPO. The fast-fashion powerhouse is preparing to conduct casual discussions with potential investors in the following weeks in anticipation of a proposed London listing, according to insiders.
Shein's yearly earnings from the UK, its third largest market, saw a 38 per cent increase compared to what had been announced for the 16-month span concluding in 2022.
The swift expansion of the organization, largely attributed to its economical approach of shipping packages directly from Chinese factories to global customers, has significantly impacted the affordable fashion sector. This has led to increased competition for established players like H&M from Sweden and London-based companies like Asos and Boohoo.
Previously, Shein Distribution UK announced that their sales reached 1.122 billion pounds during the 16-month period from September 6, 2021, up until the close of 2022. They did not provide a specific sales figure for the year 2022.
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