AIR cargo's best hope, leading 'fast fashion' brand Shein saw its profits drop by more than a third last year, adding to the group's challenges ahead of a long-planned IPO that would have been one of the biggest, reports London's Financial Times.
Singapore-based Shein's net profit shrank by almost 40 per cent to US$1 billion in 2024 as it suffered a difficult final quarter and battled competition from rival Temu.
Sales for the full year increased by 19 per cent to $38 billion, according to the people, one of whom added that the figures were from internal projections ahead of finalised accounts.
As a private company, Shein does not publish profit guidance but the 2024 figures were far lower than the $4.8 billion in net profit and $45 billion in sales the company had projected for 2024 in a presentation to investors in early 2023, which was seen by the FT.
SeaNews Turkey
Singapore-based Shein's net profit shrank by almost 40 per cent to US$1 billion in 2024 as it suffered a difficult final quarter and battled competition from rival Temu.
Sales for the full year increased by 19 per cent to $38 billion, according to the people, one of whom added that the figures were from internal projections ahead of finalised accounts.
As a private company, Shein does not publish profit guidance but the 2024 figures were far lower than the $4.8 billion in net profit and $45 billion in sales the company had projected for 2024 in a presentation to investors in early 2023, which was seen by the FT.
SeaNews Turkey
