Online fast-fashion retailer SHEIN’s UK business recorded £2.05 billion ($2.77 billion) in sales in 2024, a 32.3% increase from the previous year, according to a company filing on Friday.
While SHEIN does not disclose global results, the filing highlights strong growth in Britain — its third-largest market after the US and Germany — as the China-founded, Singapore-headquartered retailer works toward a Hong Kong IPO.
SHEIN Distribution UK Ltd reported a pretax profit of £38.25 million in 2024, up 56.6% from £24.4 million in 2023. Key milestones in 2024 included a pop-up store in Liverpool, a Christmas bus tour across 12 UK cities, and the opening of new offices in London’s Kings Cross and Manchester.
Known for low prices and constant promotions, SHEIN has taken market share from ASOS and H&M as inflation-hit shoppers seek bargains. Its UK site sells £7.99 dresses and £15 jeans alongside toys, craft supplies, and storage items.
The company has benefited from customs duty exemptions on low-value parcels shipped directly from China. But with the US scrapping its $800 “de minimis” exemption and the EU set to remove its €150 waiver, this advantage is fading. Britain is also reviewing its policy amid complaints it gives players like SHEIN and Temu an unfair edge.
