Shein UK Sales Rise 32% to £2.05 Billion Before Hong Kong IPO

Online fast-fashion retailer Shein grew its British revenue 32.3% to £2.05 billion ($2.77 billion) in 2024, according to a regulatory filing released on 15 August. The company’s UK pretax profit jumped 56.6% to £38.25 million, underscoring stronger margins in what is its third-largest market after the United States and Germany. The Singapore-headquartered firm has confidentially filed for an initial public offering in Hong Kong, the latest move in a multiyear effort to list overseas after previous attempts in New York and London stalled amid political scrutiny and Chinese regulatory hurdles. Shein warned that looming changes to duty-free thresholds on low-value e-commerce parcels in the United States, European Union and potentially the United Kingdom could raise costs and force price adjustments. Still, the company said it continued to expand its local footprint last year, opening offices in King’s Cross and Manchester and running pop-up events across 12 UK cities.