Shein’s UK Sales Surge to £2bn Despite Economic Headwinds
Chinese fast-fashion giant Shein recorded a sharp rise in UK sales in 2024, with revenues climbing by a third to reach just over £2 billion, newly filed accounts reveal.
The retailer’s pre-tax profit also jumped 57% year-on-year, rising to £38.3 million from £24.4 million in 2023. But Shein cautioned that ongoing inflationary pressures and the rising cost of living could begin to affect spending patterns among British shoppers.
The strong UK performance comes as the government reviews the current exemption on import duties for packages valued at less than £135 – a move that could directly impact low-cost retailers such as Shein and Temu. Similar changes in the US, where the “de minimis” rule once allowed duty-free imports worth up to $800 (£590), have already prompted Shein to raise prices.
Founded in China but now headquartered in Singapore, Shein has built its success on low prices, aggressive promotions and rewards schemes. While best known for ultra-fast fashion, it has expanded into a wider product range including homeware, toys, and accessories.
The company has also been under scrutiny for alleged poor working conditions in Chinese factories and the environmental toll of its business model. Campaigners, including Amnesty International UK, have called for stricter regulations to ensure fashion brands operating in Britain uphold human rights and labour standards across their global supply chains.
Shein’s UK unit – Shein Distribution UK Ltd – reported several “milestones” last year, including opening offices in London’s King’s Cross and Manchester, hosting a Liverpool pop-up store, and running a Christmas-themed bus tour across 12 cities. The operation now employs 91 staff, most of whom provide market expertise, with women accounting for nearly three-quarters of the workforce.
In June 2024, Shein took a step closer to a possible London Stock Exchange listing by submitting initial paperwork, though the timeline for any IPO remains uncertain.
