Categories: Fashion

Shein’s revenue growth slows in first half amid IPO plans, The Information reports

By

Reuters

Published



October 22, 2024

Online retailer Shein‘s revenue growth slowed to 23% in the first half of this year, from 40% last year, The Information reported on Tuesday, citing two people familiar with the matter, as it prepares for a highly anticipated listing in London.

Shein

The deceleration in growth coincides with rising competition from Chinese bargain shopping site Temu, which has grown in popularity in recent years in the U.S., the report said.

The company’s profit declined more than 70% to just below $400 million in the first half of this year, according to the report. Revenue during the period reached $18 billion.

Shein, which sells $5 tops and $10 dresses, has seen rapid growth fueled by its low-cost business model of sending parcels to customers worldwide straight from factories in China.

The company was valued at $66 billion in a fundraising round last year and held informal investor meetings this month for a planned London initial public offering, Reuters reported.

Shein does not publicly report its global results.

Earlier in October, a filing by the online fast-fashion group showed Shein’s British business generated 1.55 billion pounds ($2 billion) in revenue in 2023.

Shein did not immediately respond to a request for comment.
 

© Thomson Reuters 2024 All rights reserved.

News Today

Recent Posts

Wisconsin State Senate and Assembly

2024-11-06 19:50:02 Stevens Point-area voters on Tuesday elected several familiar faces to the state Senate…

4 mins ago

What channel is Steve Kornacki on? How to watch the viral analyst

2024-11-06 19:40:02 The internet's favorite political correspondent returns to analyze the polls as Americans choose…

14 mins ago

Where to watch Steve Kornacki on election night

2024-11-06 19:30:02 The polls are now closed in several states, including Tennessee. For the next…

24 mins ago

What are the ‘Blue Wall’ states? Here’s what to know – NBC Chicago

2024-11-06 19:20:02 As results for the 2024 U.S. presidential election pour in, the nation's attention…

34 mins ago

What to know about Wisconsin and other “blue wall” states

2024-11-06 19:10:04 Polls in Wisconsin closed at 8 p.m. Tuesday, and many voters across the…

44 mins ago

Moreno will defeat Brown in Ohio, CNN projects, in key pickup for GOP

2024-11-06 19:00:03 CNN  —  Republican Bernie Moreno will defeat Democratic Sen. Sherrod Brown, CNN projects,…

54 mins ago