(Bloomberg)-Fast-Fashion Shein retailer’s profit fell almost 40% last year, increasing pressure on initial public offering (IPO) in the United Kingdom, said the Financial Timesciting people who did not identify.
Net profit fell to $ 1 billion, even with sales jumping 19%to $ 38 billion, according to the report. The numbers are internal projections before the accounts are completed, one of the newspaper told the newspaper.
Shein does not publish profit projections, but a presentation to investors in 2023 predicted a $ 4.8 billion profit and sales of $ 45 billion last year, according to the FT. The retailer did not respond to a request for commentary from the newspaper.
The company, which was valued at $ 66 billion in a round of financing by 2023 and up to $ 100 billion in 2022, entered confidential documents in June for an IPO in London. THE Bloomberg News He reported earlier this month that the company was under pressure to reduce its assessment to about $ 30 billion.
Founded in China, but now headquartered in Singapore, Shein has become one of the startups More valuable in the world thanks to its high volume fashion and low cost.
O FT He said earlier that the company can postpone its listing to the second half of the year, after the repression of US President Donald Trump, to the exempt imports of China’s small product tariffs.
