The stat: Shein generated £1.55 billion ($1.93 billion) in UK revenues in 2023, per a company filing—a 38% increase compared with the 16-month period ended December 2022. Profits rose to £24.4 million ($30.3 million) in 2023, doubling the £12.2 million ($15.2 million) it reported for the prior 16 months.
Why it matters: Shein’s rapid ascent has made life difficult for the likes of Boohoo and Asos. Both retailers sales have slumped as shoppers gravitate toward the Chinese fast-fashion marketplace’s ultra-cheap and trendy wares.
- Shein’s UK revenues surpassed Boohoo’s for the first time in 2023. The latter’s UK sales fell 15.6% YoY to £921.5 million ($1.15 billion) for the 12 months ended February 2024.