Shein has had an astonishing 2023: compared to $700 million in 2022, the fast-fashion giant generated more than $2 billion last year. That is more than twice as much as rival H&M.
Highly profitable
Shein is said to have sold $45 billion worth of clothing last year, but the profit figures are especially striking. With a profit of almost 1.9 billion euros, the Chinese e-commerce player is already leaving industry classic H&M group far behind. The Scandinavian countries were good for $840 million in net profit last year. Zara parent Inditex is still far ahead with 5.4 billion euros in profit.
Four anonymous sources close to Shein reported the figures to The Financial Times. The company wants to list on the American stock exchange, but is encountering a lot of resistance. With the announcement of the profit figures, the Chinese newcomer is already answering the frequently heard questions and concerns about whether such growth and such low prices can be profitable.
Stay informed
Receive our free newsletters and don’t miss the latest retail news.
Subscribe
Shein has had an astonishing 2023: compared to $700 million in 2022, the fast-fashion giant generated more than $2 billion last year. That is more than twice as much as rival H&M.
