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Shein profits last year went by more than a third and contributed the challenges of the fast Fashion Group before a long -planned flotation that would be among the largest on the London stock exchange in this decade.
The net profit of the group based in Singapore shrank by almost 40 percent to $ 1 billion in 2024 because it suffered a difficult final quarter and fought against competition against the competition Temu.
According to the population, sales for the entire year rose by 19 percent to $ 38 billion, one of which added that the figures came from internal forecasts before the completed accounts.
Shein does not publish any profit instructions as private companies, but the figures from 2024 were far below the net profit of 4.8 billion USD and a turnover of $ 45 billion, which the company had projected for in a presentation to investors in early 2023 for 2024 Theft.
Shein did not answer a request for a comment.
The lower profits underline the challenges of Shein, since an attempt is made to gain the regulatory approval for a London list and to navigate geopolitical changes that have had pressure on the evaluation.
Shein had a value of $ 66 billion in 2023 during his last round of financing, but some investors and other stakeholders put the group under pressure, their evaluation of around 30 billion US an initial public offer in the first half of this year.
Shein, the cheap items of clothing, which were made directly to buyers around the world in Chinese factories, sent to investors, the investors previously told that a list could occur, according to people with knowledge of the discussions.
An IPO could now be pushed into the second half of this year after the decision of US President Donald Trump to tighten a tariff exemption sold by Shein to American customers, according to two people familiar with the process.
Trump this month ended The de Minimis rule with which packages are imported that are imported to less than 800 US dollars into the USA without performing tasks. He also met Chinese goods with an additional 10 percent tariff.
The implementation of the DE minimis Expect analysts The prices for the goods sold by Shein and Temu increase higher.
A delay in the IPO to the second half of the year would force the company to convey new documents with British supervisory authorities.
Shein submitted confidential IPO documents last year before the introduction of new rules for British lists in British UK IPO with British supervisory authorities. A transitional period at the end of IPO processes that started before the start of the new rules should end in July.
The reference would be a largely process -related step, said three leading lawyers in Great Britain, but the prospect that the company would miss the window to rely on its original registration shows how his listing efforts have been towed.
Shein started plans for the first time to go to the stock exchange in New York at the end of 2023, but turned to Great Britain after being spurned by the US Securities and Exchange Commission. Due to the uncertainty, the list is stuck as to whether it will receive the approval of supervisory authorities in London and Beijing.
The profit in Shein comes as the group of Temu group, which has reproduced the model of the shipping model for cheap Chinese goods to buyers in overseas. Temu has won some of Sheins suppliers in China, while the competition also raised Sheins Air freight costs And Marketing editions.
At the end of 2023, Shein reacted to Temus threat by briefly going beyond fashion, which previously reported that Sheins had eroded profitability. Since then, Shein has geared towards its core business.
Shein has plowed Money for lobbying in West capitals from Washington to London, including the attitude of Trump Loyalist Kash Patel as a consultant for the parent company Elite Depot. Patel resigned as a consultant before his latest confirmation as a FBI director, but has retained the company’s shares that are worth between USD 1 million and $ 5 million.
Additional reporting from Ivan Levingston
