Chinese-founded online retailer Shein, which is preparing for a significant IPO on the London Stock Exchange, has disclosed that its º£½ÇÊÓƵ sales surpassed £1.5bn last year.
The company's division reported revenues of £1.55bn for 2023, an increase from the £1.12bn it achieved in 2022, as reported by .
Shein also recorded an annual profit of £18.7m, a substantial increase from the £9.8m it made in the previous 12 months.
In a statement, the º£½ÇÊÓƵ arm highlighted the establishment of a º£½ÇÊÓƵ base in Manchester as a "milestone" for the year. The city is also home to competitors Boohoo and PrettyLittleThing, as well as Missguided, which Shein owns.
The company also launched pop-up shops in cities such as Liverpool to display products from its top-selling collections.
Last year, the º£½ÇÊÓƵ business had 33 employees, primarily in marketing roles. However, the new office could potentially facilitate the recruitment of a larger team and target expansion across the country.
These results come as Shein prepares to hold informal investor meetings in the coming weeks for its planned London IPO, continuing preparations while awaiting º£½ÇÊÓƵ regulatory approval.
Shein confidentially filed documents with Britain's markets regulator in early June, initiating the process for a potential London listing by the company later in the year.
The anticipated flotation is estimated to value the business at approximately $66bn (£50.3bn), marking one of the largest deals for the London Stock Exchange in a decade.
The fast-fashion industry has been disrupted by Shein, a company founded in China but now headquartered in Singapore, which ships inexpensive clothing directly from Chinese factories to consumers in the º£½ÇÊÓƵ and US.
Shein has been embroiled in controversy over its environmental footprint and working conditions for some time.
In the previous year, US lawmakers demanded an investigation into the company following allegations that Uyghur forced labour was utilised in the manufacturing of some of its garments.
