Shein UK revenue hits £2.5bn despite Hong Kong IPO setback

Summarised from 2 outlets · Updated 9 Oct, 13:19 · Archive

Chinese fast-fashion retailer Shein generated £2.58bn in UK revenue last year, increasing sales by 26 per cent and overtaking British rival Asos, according to accounts filed at Companies House. Pre-tax profits rose 18 per cent to £45m. The company employed 113 people in the UK, mostly in sales and marketing, up from 91 a year before, and paid £11.2m in corporation tax.

Shein's parent company listed on the Hong Kong stock exchange last month with a valuation of just over $26bn, down from a peak valuation of $100bn in 2022. The IPO had been rejected by policymakers in New York and London, who cited concerns over labour practices and lawsuits from domestic competitors. Shein's shares fell 14 per cent in one day last week after the company reported a 67 per cent quarterly profit fall to £173m in its first results since listing. Founder Xu Yangtian said the decline was 'primarily driven by a sharp spike in oil prices and freight rates amid Middle East geopolitical tensions', and warned the trading environment would 'remain uncertain in the second half of 2026'.

Shein's UK growth has been supported by marketing partnerships with music festivals, a pop-up shop on London's Oxford Street and Christmas events in multiple cities. The strong performance is likely to increase pressure on the UK government to change the 'de minimis' rule that allows cheap parcels to enter the country duty-free, underpinning Shein's expansion. The United States scrapped its own de minimis exemption for Chinese goods last year, which analysts predict could slow Shein's future growth.

How it is being reported

• Shein outsells British rival Asos as UK revenue hits £2.58bnOnline retailer’s 26% jump sharpens focus on exemption letting cheap parcels into the country duty-free Shein, the online fast-fashion retailer founded in China, increased sales in the UK by just over a quarter last year, overtaking its British rival Asos. The company, whose global parent group listed on the Hong Kong stock exchange valued at just over $26bn (£19.6bn) last month, increased sales at its UK division by 26% to £2.58bn, according to accounts filed at Companies House. Continue reading...The Guardian · 9 Oct, 12:49
• Shein UK revenue hits £2.5bn despite IPO woesFast-fashion giant Shein took in more than £2.5bn in UK revenue last year as it tightens its hold on British shoppers despite its IPO woes. The e-commerce firm generated £2.58bn in revenue in 2025, newly published accounts show, as its pre-tax profit widened by 18 per cent to £45m. Proof of Shein’s growing presence in [...]City AM · 7 Oct, 14:57

In this story: Shein · Asos · Xu Yangtian · United Kingdom · China · Hong Kong · United States

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