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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Headlines

    Shein's annual profit down by more than a third, FT reports

    Published by Global Banking and Finance Review

    Posted on February 23, 2025

    Featured image for article about Headlines

    (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)

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