The Shein logo is seen in this illustration taken on 22 August 2024. REUTERS/Dado Ruvic/Illustration/Archive photo .
Drafted 8 November 2024, updated 30 April 2025
Shein’s European entity records sales growth of 68 per cent in 2023
Sales of Shein’s European entity reached EUR 7.684 billion in 2023
Profit after tax more than doubled to €99.5 million
Fast fashion retailer plans IPO in London
LONDON, Nov 4 (Reuters) – Sales at Shein’s Ireland-registered Infinite Styles Ecommerce Co grew 68 percent in 2023 to 7.684 billion euros ($8.36 billion), according to annual results released on Monday.
Fast fashion retailer Shein, which sells $4 tops and $8 dresses, has grown rapidly in the US, 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.
Profit after tax for the Dublin-registered entity more than doubled to EUR 99.5 million from EUR 45.8 million in 2022. Gross profit for the year was EUR 314 million, up from EUR 172 million 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. The top countries by turnover are the US, the UK, France, Japan and then Italy.
Infinite Styles Ecommerce Co Ltd has branches in Belgium, France, Germany, Italy and Poland, according to the document. A spokesman for Shein did not specify how many European countries are covered by the findings.
The company paid EUR 18.4 million in taxes, up from EUR 5.8 million in 2022, according to the filing. It doubled the number of employees to 24, and the 2023 payroll was EUR 5.5 million.
Last month, Shein’s UK entity reported sales of £1.55 billion ($2 billion) in the UK, the third largest market after the US 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.
Below: Temu and Shein account for 22% of the parcels handled by French Post. Five years ago it was less than 5%.
- Shein – which is suspected of using forced labour in China – moves like Amazon, in total non-transparency of companies and data.
- It evades the taxation of the European countries in which it operates through its Irish subsidiary but would like to access the British capital market (after having hoped, unsuccessfully, to access Walll Street).
- Shein, like Temu, is growing at a dizzying pace.
It is only to be hoped that it fails to go public (and that some European operator wakes up…).
Waiting for a stronger Europe, fiscally and commercially, South East Asia is reacting with protective measures: in the face of Temu and the Chinese ultra-discounters, the main economies of South East Asia are mobilising
While in the US, the war between Amazon and Chinese distributors is certainly nothing new.The White House was also involved recently.
In the context of a global trade war, this decision is surprising:
Shein gets the go-ahead from UK regulators for London IPO.
In November 2024 I wrote: ‘The fast fashion retailer plans to go public with its London IPO. One can only hope that it fails to do so and that some European operator wakes up…’.
Read also : Shein : price rise up to 377% and stalled IPO in London
