Online fast-fashion giant Shein has more than doubled its profits as it awaits regulatory approval from Beijing to go ahead with its blockbuster listing in New York or London, reports the Financial Times. Shein hit a record of more than $2 billion in profits for 2023 and recorded roughly $45 billion in gross merchandise value, the total value of sold goods on its website, said four people close to the company, which was founded in China but has moved its headquarters to Singapore.
The group’s profits last year surpassed the $700 million of net income it generated in 2022 and $1.1 billion in 2021, according to a financing document seen by the Financial Times.
Rivals H&M and Zara owner Inditex reported net profits of SKr 8.7 billion ($820 million) and €5.4 billion ($5.8 billion) in their most recent fiscal years.