Shein doubles profits to two billion dollars

Chinese giant Shein has reportedly doubled its profits to two billion dollars, according to The Financial Times which cited sources close to the company. Shein itself has not yet responded to the media reports.

Not only did profits rise significantly, sales also showed an increase. Turnover is said to have come to 45 billion dollars last year.

Shein started as an online player, but in recent years has also entered the shopping street through pop-ups. Such pop-ups initially did not allow for physical shopping, to the frustration of visitors, but this was later rectified.

The Chinese giant is not without controversy either. For instance, according to investigations, the company uses cotton from the Xinjiang region that is linked to forced labour, dangerous chemicals have been found in its clothes, the company is guilty of plagiarism and is constantly in legal battles against competitor Temu.

A remarkable move came in late 2023 when Shein bought British fashion brand Missguided and it partnered with Authentic Brands Group for the Forever 21 brand.