Online fashion group Shein projects its revenue will more than double to nearly $60 billion by 2025, as the Chinese company seeks to convince investors that it is on course for a blockbuster initial public offering this year, reports the Financial Times. In a “management presentation” recently shown to investors and seen by the Financial Times, Shein said it was targeting annual revenue of $58.5 billion in 2025, up from $22.7 billion last year. That would exceed the existing combined annual sales of retail giants H&M and Zara.
The company also projects that gross merchandise value—the total value of merchandise sold on its platform—will grow to $80.6 billion in 2025, a 174% increase from last year.
The lofty targets come as the company plans to launch one of the largest-ever listings of Chinese companies in the US this year, after becoming the shopping destination of choice for Generation Z consumers in the west.