Dive Brief:
- Shein’s revenue in the U.K. was about 2 billion pounds, or about $2.8 billion, in 2024, according to filings with the Companies House. The change marks a 32% increase from 1.55 billion pounds in 2023.
- The fast fashion giant doesn’t ordinarily disclose revenue, but its U.K. 2024 financial information was filed with the U.K.’s register of companies on Wednesday.
- Shein’s gross profit in the U.K was 68 million pounds in 2024.
Dive Insight:
Shein has been targeting the U.K. as a region for potential growth, especially as shifting consumer sentiment and tariff policies have recently impacted the company in the U.S.
In 2023, analysts noted that Shein was growing in popularity among Generation Z shoppers in the U.K., and later that year Shein bought U.K.-based Missguided from the Frasers Group. Shein also announced a fund to help designers and startups in the region.
This year, changing U.S. tariff rates on China and the ending of the de minimis provision caused Shein to raise its prices before walking back the price increases.
Following the tariff impacts, Shein pivoted its marketing spending to the EU and U.K., according to data from Consumer Edge, and that focus seemed to pay off. In May, Shein’s sales growth in the U.K. was up nearly 50% year over year.
Despite growth in the U.K., the U.S. is still a more important market for Shein, as well as for its fast fashion competitor Temu, Fashion Dive previously reported.
Also in last week’s filing with the Companies House, Shein noted that it opened two new U.K. offices, in King’s Cross and Manchester. The filing also listed a popup shop in Liverpool and a Christmas bus tour across 12 cities in the U.K.
