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Business

Shein’s European entity reports 68% sales growth in 2023

Published by Uma Rajagopal

Posted on November 5, 2024

Featured image for article about Business

By Helen Reid

LONDON (Reuters) -Sales by Shein’s Ireland-registered entity Infinite Styles Ecommerce Co grew 68% in 2023, hitting 7.684 billion euros ($8.36 billion), according to annual results published on Monday.

Fast-fashion retailer Shein, which sells $4 tops and $8 dresses, has grown rapidly in the U.S., Europe and the UK and is working towards an initial public offering in London. It was valued at $66 billion last year in a fundraising round.

After-tax profit for the Dublin-registered entity more than doubled to 99.5 million euros from 45.8 million euros in 2022. Gross profit for the year was 314 million euros, up from 172 million euros in 2022.

Founded in China in 2008, Shein now has its global headquarters in Singapore and its Europe, Middle East and Africa headquarters in Dublin.

Infinite Styles Ecommerce Co Ltd has subsidiaries in Belgium, France, Germany, Italy, and Poland, according to the filing. A Shein spokesperson did not specify how many European countries are covered by the results.

The company paid 18.4 million euros in taxes, up from 5.8 million euros in 2022, according to the filing. It doubled its number of employees to 24, and its 2023 wage bill was 5.5 million euros.

Shein’s British entity last month reported sales of 1.55 billion pounds ($2 billion) in the UK, its third-biggest market after the U.S. and Germany.

Infinite Styles Ecommerce Co Ltd is a unit of Singapore-based Roadget Business Pte Ltd, and the ultimate controlling party is a Cayman Islands company called Elite Depot Limited.

($1 = 0.9189 euros)

(Reporting by Helen Reid; Editing by Jan Harvey and Rod Nickel)