Shein profits have more than doubled to over $2bn (£1.6bn) as the fast fashion giant awaits approval for a stock market listing in either New York or London.
The Chinese business posted sales of around $45bn last year, sources close told the Financial Times.
Despite only launching in 2008, Shein is now one of the most profitable fashion companies in the world, making more than Swedish fashion giant H&M as well as Primark and Next.
Although Spanish fashion titan Inditex, the owner of Zara and Bershka, still made more, raking in €6.9bn (£5.9bn) last year.
At the start of the year data from Globaldata found that Shein is set to overtake Zara in the UK over the next two or three years.
The analyst believes the retailer brought in over £1.3bn in UK clothes sales in 2023. Shein currently holds 2.2% of the UK’s £60.3bn clothes market while Zara sits at 2.4%.
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Back in February, Chancellor Jeremy Hunt held talks with Donald Tang, Shein’s executive chair, in a bid to persuade him to commit to what would be one of London’s biggest flotations.
The move came as the fashion giant is reportedly concerned its application for a US listing will be turned down by the US Securities and Exchange Commission.
According to The Times, London is the likely frontrunner from a series of potential stock markets such as the US, Singapore and Hong Kong. If it were to go ahead, it would be one of London’s biggest ever corporate listings, valued at up to $90bn, the Guardian reported.
Founded in 2008, Shein rose to success selling inexpensive clothes and lifestyle items, with more than 2,000 new styles added daily.
In an April 2022 fundraising round it achieved a valuation of $100bn, making it the third most valuable startup globally.
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