Fast fashion firm Shein more than doubles its profits as it eyes a blockbuster listing

Fashionable: Shein’s popularity in Europe has boomed over the past few years, especially among younger shoppers

Fast fashion firm Shein has more than doubled its profits as it eyes a blockbuster listing.

The Chinese retailer posted profits of more than £1.6billion in 2023, up from £554m the year before. Sales reached £36billion last year, according to filings seen by the FT.

Shein was founded in 2012 and is now based in Singapore.

Its popularity in Europe has boomed over the past few years, especially among younger shoppers.

But the company is waiting for regulators in Beijing and Washington to approve its plans for a bumper initial public offering, which is expected by the end of 2024.

It is understood that London is a back-up option.

Shein, led by Chris Xu, has faced criticism for its negative impact on the environment.

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