Chinese giant Shein’s UK sales top £1.5bn ahead of controversial London float

Sales at Shein’s UK arm topped £1.5billion last year ahead of what looks set to be a controversial stock market listing in London.

The Chinese online giant’s meteoric popularity showed no signs of slowing down, according to accounts published for the 12 months to December 31. Shein Distribution UK Limited saw sales hit £1.55billion compared to £1.12billion over a 16-month period the year before, while profits doubled to £24.4million.

And it paid £5.7million in taxes compared to £2.3million last year. The company – which has 33 staff in the UK – held pop-up shops across the country and also opened a Manchester office last year.

Shein has filed paperwork with the City watchdog for a £53billion float, and sources say a listing could be expected as early as this autumn. But it has faced fierce opposition from both human rights groups and business organisations. 

There have been concerns over Shein’s supply chain, including allegations of low pay and terrible working conditions. 

The British Fashion Council has warned the planned flotation is a ‘significant concern’ to the industry. But Shein has insisted it has a ‘zero tolerance’ approach to worker mistreatment.

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