Online retailer Shein’s 2023 sales hit $2 bln in UK

Shein’s British business made 1.55 billion pounds ($2 billion) in revenue in 2023, up sharply from its previously reported results, a filing by the online fast-fashion group showed on Tuesday, as it prepares for a hotly-debated listing in London.

Shein’s rapid growth, fuelled by its low-cost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden’s H&M and London-listed Asos and Boohoo.