Published by Global Banking & Finance Review®
Posted on February 23, 2025
2 min readLast updated: February 27, 2026
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Shein's profit fell by over a third, affecting its London IPO plans. Sales rose by 19%, but valuation cuts and U.S. tax changes pose challenges.
(Reuters) -Online fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.
Net profit was down almost 40% at $1 billion in 2024, the report said, citing two people with knowledge of the matter.
Shein's sales for the full year rose by 19% to $38 billion, the report said, adding that the figures were from internal projections ahead of finalised accounts.
The company does not publish profit guidance but the 2024 figures were far lower than the $4.8 billion in net profit and $45 billion in sales it had projected for 2024, the report added, citing a presentation seen by the newspaper.
Shein did not immediately respond to a request for comment.
Reuters this month reported that Shein was set to cut its valuation in the planned initial public offering (IPO) in London by almost a quarter to about $50 billion. Bloomberg reported last week that Shein was under pressure to cut its valuation as low as $30 billion
The Financial Times has also reported that the London listing could be postponed to the second half of the year after U.S. President Donald Trump moved to end a tax exemption enjoyed by Shein, potentially denting profitability and pushing up its prices in the United States.
(Reporting by Gnaneshwar Rajan in BengaluruEditing by Tomasz Janowski and David Goodman)
Shein's profit dropped by more than a third, specifically almost 40%, amounting to $1 billion in 2024.
Shein's sales rose by 19% to $38 billion for the full year, according to internal projections.
The profit drop has led Shein to consider cutting its valuation for the planned IPO in London by almost a quarter to about $50 billion.
Yes, the Financial Times reported that the London listing could be postponed to the second half of the year due to changes in tax exemptions.
No, Shein did not immediately respond to a request for comment.
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