A shopper carries a bag with promotional merchandise while visiting fashion retailer Shein’s Christmas bus tour, in Manchester, Britain, December 13, 2024.
Temilade Adelaja | Reuters
Shein’s U.K. arm generated £2.05 billion ($2.77 billion) in sales in 2024, up 32.3% from 2023, according to a filing released on Friday.
The online fast-fashion retailer’s pre-tax profit rose to £38.25 million in 2024 from £24.43 million in 2023.
The company highlighted several milestones during the year, including the opening of new offices in King’s Cross and Manchester, a pop-up shop in Liverpool and a Christmas bus tour across 12 U.K. cities.
Shein flagged risks such as potential supply chain delays, higher costs from currency fluctuations and freight charges, IT system outages, and shifting UK regulations that could require it to alter or withdraw products.
The Chinese company, which is headquartered in Singapore, also noted that weaker consumer confidence from higher inflation and living costs could weigh on sales.
Shein confidentially filed for an initial public offering in Hong Kong earlier this year, a move aimed at pressuring U.K. regulators and speeding up its long-delayed listing plans.
Before this, the fast fashion giant filed to list in London but has struggled to receive regulatory approval before shifting its focus to Hong Kong.