Story Highlight
– Revenue rose to £2 billion in 2024.
– Annual profit increased to £28.6 million.
– Gross profit more than doubled to £67.7 million.
– Employee count grew from 33 to 91 in one year.
– Key risks: supply chains, exchange rates, IT instability.
Full Story
Shein Distribution UK Limited has reported significant growth in both revenue and profit for the financial year ending 31 December 2024, according to its annual accounts submitted to Companies House.
The UK arm of the ultrafast fashion retailer saw its revenues rise to £2 billion ($2.46 billion). Its annual profit also increased to £28.6 million ($35.1 million), compared to the previous year. The company’s gross profit has notably surged, exceeding £67.7 million ($83 million), which more than doubled from the prior period, reflecting a robust sales performance. However, no dividends were declared for the year.
A highlight of 2024 for Shein included the launch of a pop-up store in Liverpool, alongside a Christmas bus tour and the establishment of two new offices located in Kings Cross and Manchester. The company’s workforce expanded significantly, growing from 33 employees in 2023 to 91, with a notable focus on its marketing team.
The financial report indicates that the net worth of Shein Distribution UK Limited stood at £57.7 million ($70.8 million) at the year’s end. It also outlines potential business risks, which include possible supply chain delays, currency exchange fluctuations, IT system instability, and market volatility exacerbated by uncertain economic conditions.
