Shein UK arm sees £1.1bn revenue in latest period
Shein’s British arm — Shein Distribution UK Limited — has filed its accounts at Companies House for the 16 months up to the end of last year and it showed revenue reaching £1.121 billion. Unfortunately, it didn't give a comparison period.
Gross profit was £26.23 million and operating profit was £12.15 million. That resulted in profit before tax of £12.19 million, and overall net profit for the period of £9.8 million.
The reason for the unusual operating period and the lack of comparison was because the British company was only incorporated on 6 September 2021.
But it's very clear from the figures that it made a big impact over the period, during which time it built up its (albeit small) UK Team, opened three pop-up shops in London, moved to new offices and collaborated with musician Stefflon Don.
The company is the UK subsidiary of Shein Group and had only 14 UK-based employees during the period who were mainly involved in marketing.
Despite the limited information available, it’s clear that Shein sees the UK as a key market. And recent speculation that it might buy Frasers’s Group’s Missguided — or at least strike a partial ownership deal similar to the one it has for Forever 21 — highlights how it’s only just getting started in Britain.
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