Shein’s UK Sales Soar to £2.05 Billion in 2024 Amid Bargain-Hunting Boom
Shein’s UK business generated £2.05 billion ($2.77 billion) in sales in 2024, marking a 32.3% increase from the previous year, according to a company filing released on Friday.
While Shein does not publish global results, the filing offers insight into its performance in Britain — the retailer’s third-largest market after the United States and Germany. The disclosure comes as Shein moves forward with plans for an initial public offering (IPO) in Hong Kong.
IPO Journey and Market Expansion
Founded in China and now headquartered in Singapore, Shein has spent years trying to list publicly. Initial attempts targeted New York and then London, but faced pushback from U.S. and UK lawmakers. Approval from China’s securities regulator for an offshore IPO has also been denied, amid rising tensions between China and the U.S.
Profit Growth and UK Milestones
Shein Distribution UK Ltd reported a pretax profit of £38.25 million in 2024 — up 56.6% from £24.4 million in 2023.
Key 2024 highlights for the UK business included:
- Launching a pop-up shop in Liverpool
- Running a Christmas bus tour across 12 UK cities
- Opening two new offices in Kings Cross and Manchester
Retail Strategy and Competitive Edge
Known for its low prices, Shein runs constant promotions, coupon codes, and rewards programs to keep customers buying. The brand has taken market share from ASOS and H&M, benefiting from consumers’ shift to budget-friendly options as inflation squeezes household spending.
Shein’s UK website offers £7.99 dresses, £15 jeans, and a wide range of goods beyond fashion — including toys, craft supplies, and storage solutions.
Tariff Advantage Under Threat
Shein has leveraged customs duty exemptions on low-value imports to ship products directly from factories in China to shoppers’ homes largely tariff-free.
However, this cost advantage is eroding. In the U.S., the Trump administration has removed the “de minimis” exemption for parcels under $800, making Chinese imports subject to steep tariffs. The European Union is also planning to scrap its equivalent duty waiver for parcels worth less than €150.
In the UK, authorities are reviewing similar exemptions amid concerns from domestic retailers that the policy gives online giants like Shein and Temu an unfair advantage.
