Shein outsells British rival Asos as UK revenue hits £2.58bn
Summary
Shein, a Chinese online fast-fashion retailer, grew its UK sales by 26% last year, reaching £2.58 billion and surpassing the British company Asos. The company’s profits and workforce in the UK also increased, supported by marketing events and festival partnerships.Key Facts
- Shein’s UK sales rose 26% in one year to £2.58 billion.
- Pre-tax profits grew 18% to £45.2 million in the UK.
- Shein employed 113 people in the UK, up from 91 the previous year.
- The company paid £11.2 million in taxes in the UK, mostly corporation tax.
- Marketing activities included partnerships with Wireless and Creamfields music festivals and pop-up shops.
- Shein’s business model avoids import duties by shipping small, cheap orders from Chinese factories.
- The UK government plans to end the “de minimis” tax rule by 2028, which currently lets low-value imports enter tax-free.
- Shein’s global valuation dropped from $100 billion in 2022 to about $26 billion after going public in Hong Kong.
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