Competition: Shein saw its profits drop by nearly 40 per cent to £792m in 2024 – despite a 19 per cent rise in sales to £30billion.
The company, which is based in Singapore but makes most of its clothes in China, saw its profits drop by nearly 40 per cent to £792m in 2024 – despite a 19 per cent rise in sales to £30billion.
Fast-fashion giant Shein saw a sharp drop in profits last year as it struggled with growing competition from a low-cost rival.
The gloomy results pile further pressure on Shein's ambitions to list in London – with its plans for an April float likely to be delayed until later this year.
It adds another challenge for the garment group amid speculation its long-planned float on the London stock market could be delayed.
