Shein has had a stunning 2023, tripling its profits to two billion euros last year. That is more than twice as much as Swedish rival H&M, but still not even half that of the Spanish Inditex group.
More than profitable
Shein reached 45 billion dollar in sales last year, earning it more than two billion dollars (some 1.9 billion euros) in profits. The Chinese fast-fashion player leaves H&M’s 800 million net profit far behind, but is still nowhere near Inditex’ 5.4 billion.
Four anonymous sources “close to Shein” reported the figures to The Financial Times. The company wants to float on the New York Stock Exchange, but is facing a lot of resistance. By announcing its profit figures, the Chinese newcomer wants to address the concerns as to whether such growth and such low prices can be profitable.
