Shein doubles profits as it awaits approval for IPO
Online fashion retailer Shein has more than doubled its annual profit as it awaits approval for a stock market listing in New York or London.
According to a document seen by The Financial Times, the Chinese company’s 2023 profits reached a record of more than €2 billion to surpass the previous year’s net income of $700 million and $1.1 billion in 2021. Meanwhile, gross merchandise value came in at around $45 billion.
Shein is currently waiting for approval from regulators in Beijing and Washington to give the go-ahead for its stock market listing.
The company is expanding rapidly around the world and has moved its headquarters to Singapore, although it continues to run most of its business from China.
The listing is anticipated to be the biggest initial public offering of the year. People familiar with the progress of Shein’s application told The Financial Times that they expected the share sale to be approved by the China Securities Regulatory Commission and Cyberspace Administration of China in the coming weeks.
