Shein's British Business Performance in 2023

(Reuters) – Shein's British business made 1.55 billion pounds ($2.03 billion) in revenue in 2023 and a profit before tax of 24.4 million pounds, a filing by the online fast-fashion group showed on Tuesday, as the company prepares for a planned listing in London.

Shein's rapid growth, fuelled by its low-cost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden's H&M and London-listed Asos and Boohoo.

The 2023 revenue for Shein Distribution UK Limited marked a 38% increase on its previously reported sales of 1.122 billion pounds over the 16-month period from Sept. 6, 2021, to the end of 2022.

($1 = 0.7638 pounds)