Shein saw profits drop last year as the brand cautioned over Trump tariff uncertainty.
The fashion retailer’s parent company Roadget Business Pte Ltd recorded a 13% pre-tax profit decline to £0.97bn ($1.3bn) from £1.12bn ($1.5bn) in 2023, The Guardian reported.
The revenue decline followed a rise in selling and marketing costs, according to new accounts.
Global sales increased 20% to £27.7bn ($37bn).
The news comes as the business is believed to be trying to list on the Hong Kong stock exchange, following attempts to list in the UK and US.
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Shein warned that changes to US tariff policies since April and their “frequent evolution” had “increased the level of uncertainties in the global economy”.
The company warned: “The ongoing evolution of trade policies continues to introduce complexities for businesses that may affect the group’s and the company’s future financial condition and operations.”
The fast fashion giant is believed to have seen trade suffer in the US this year after president Donald Trump’s administration closed a loophole enabling products worth under $800 to be imported and delivered straight to customers without certain checks and duty.
In September, Shein was accused of shifting its UK income to Singapore to reduce its tax bill.
Accounts filed at Companies House showed that Shein Distribution UK generated sales of £2bn in 2024 but paid just £9.6m in corporation tax.
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