Shein’s British business saw a strong surge in 2024, with sales climbing 32.3% to £2.05 billion ($2.77 billion), making the UK its third-largest market after the United States and Germany.
Pre-tax profit jumped 56.6% to £38.25 million ($49 million), according to company filings cited by Reuters.
The figures highlight the Chinese-founded, Singapore-headquartered fast-fashion giant’s growing presence in one of its most important markets as it moves closer to a long-anticipated public listing.
IPO journey shifts to Hong Kong
Shein has been attempting to go public for several years. It initially targeted a New York listing, then explored London, but both efforts were hindered by regulatory and political challenges. Reuters reports that China’s securities regulator withheld approval for an offshore IPO during a period of heightened US–China tensions. The company is now preparing for an initial public offering in Hong Kong.
Marketing push in the UK
In 2024, Shein boosted its brand presence through initiatives such as a pop-up store in Liverpool, a Christmas-themed bus tour across 12 UK cities, and the opening of new offices in London’s King’s Cross and Manchester.
Known for ultra-low prices and aggressive promotions, Shein has steadily taken market share from rivals like ASOS and H&M. Its UK site now offers everything from £7.99 dresses and £15 jeans to toys, craft supplies, and home storage products.
Policy changes threaten cost advantage
Shein’s rapid growth has been fuelled in part by customs duty exemptions on low-value e-commerce shipments, enabling direct deliveries from Chinese factories to consumers at minimal cost. But that benefit is shrinking.
In the US, the Trump administration scrapped the “de minimis” rule that waived duties on imports under $800, increasing Shein’s costs. The EU will soon end its exemption for parcels under €150, and the UK is reviewing its own policy following complaints from domestic retailers that platforms like Shein and Temu enjoy an unfair tax advantage. Photo by DMCGN, Wikimedia commons.