Shein, the Singapore headquartered online giant, has posted an increase in its annual profits, which have reached over US$2bn on global sales of US$45bn as consumers across Europe and the USA show no signs of slowing their spend with its cheaply made and sold fast fashion lines.
The business is now awaiting the green light from both Beijing and Washington DC to proceed with a stock market listing. It is understood from reports that the London Stock Exchange is the back-up option if the US Securities and Exchange Commission fails to approve.
Shein, which generated sales of £1.1bn in the UK alone last year, went on to acquire the Missguided brand from Frasers Group last year.
Shein has made deep inroads into the customer bases of Asos and Boohoo and likely sees its strongest competition coming from rival Temu which has flooded the UK market with advertising promotions.
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