Shein has overtaken rival Boohoo in the UK as the Chinese fashion giant revealed a near 40% increase in sales and surging profits.
Pre-tax profit at Shein UK doubled from £12.2m to £24.4m in the year to end of December, according to new accounts on Companies House.
Sales for the fashion giant rose 38% to £1.55bn, 30% more than Boohoo Group’s UK sales of £1.09bn last year.
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Shein hit a “milestone” last year when it set up a UK head office in Manchester, a city that is also home to Boohoo and PrettyLittleThing.
The UK division had 33 employees last year, primarily involved in marketing, but the new office could pave the way for it recruiting a bigger team as it targets expansion across the country.
The growth in Shein’s UK business comes as the fashion giant mulls floating on the London Stock Market in a debut estimated to be worth around £50bn.
The online retailer is understood to be preparing to start early, informal investor meetings in the coming weeks while it waits for UK regulatory approval on its planned IPO.
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