Shein’s UK Sales Surge: A 32.3% Increase Boosts Market Position

Shein sells more in the United Kingdom. The Asian ecommerce giant has multiplied its sales in the country by 32.3%, according to Reuters through a document filed with the British registry by the company. In the United Kingdom alone, the Chinese company has achieved a turnover of 2,050 million pounds ($2.77 billion).

Although Shein does not publish its global results, the UK is currently the company’s third largest market, behind only China and the United States, which sheds light on the size of the company. Earlier this year, in fact, the same media reported that the Asian giant was planning to list on the London stock exchange with a valuation of $50 billion.

The company through which Shein operates in the country, Shein Distribution UK Ltd, has also reported in the same document a pre-tax profit of £38.25 million ($51.81 million) for the whole of 2024, up from £24.4 million ($33 million) the previous year. This represents an increase of more than 50% between the two years.

Shein saw its attempt to list on the London stock exchange at the end of June stalled

Despite the weight that Shein has been gaining in Great Britain, gaining market share from other operators in the country such as Asos, the company’s latest plans to list on the London Stock Exchange are facing a refusal from the China Securities and Exchange Regulatory Commission (CSRC), the country’s regulatory body. This decision also came after Shein got the green light from the UK’s Financial Conduct Authority in early April.

The plans of the company, which has been trying to become a listed company since 2023, now go through Hong Kong. The Hong Kong exchange is Shein’s third attempt to become a listed company, after first trying in the United States more than a year ago when it filed an IPO with the New York Stock Exchange, which was rejected by the country’s authorities.

In the document submitted by the company, Shein highlighted its expansion in the United Kingdom during the year. Among the highlights, the giant mentions from a pop up in Liverpool to the opening of two new offices in Kings Cross and Manchester.