Shein UK sales reach 2.58 billion pounds to surpass Asos

Fast-fashion retailer Shein grew its sales in the United Kingdom by 26 percent last year to reach 2.58 billion pounds, according to the Guardian. The increase allowed the company to overtake its British competitor Asos. Shein was founded in China, and its global parent group listed on the Hong Kong stock exchange last month with a valuation of just over 26 billion dollars, or 19.6 billion pounds. [1]

Accounts filed at Companies House show that pre-tax profits for the UK division of Shein rose 18 percent to 45.2 million pounds, the Guardian reported. The number of people employed by the group in the UK grew from 91 to 113 over the period, with most of those staff working in sales and marketing. [1]

Shein offers a large range of clothing, including fast-fashion jeans products across sub-brands such as Dazy, Emery Rose, Westfade, and Eurmuse. Many of the garments use blends of cotton and synthetic materials to keep prices low. [4]

The rapid growth in sales has heightened focus on a tax exemption that permits cheap overseas parcels to enter the UK duty-free, according to the Guardian. [1]