Shein’s profits dropped by more than a third last year, adding to the fast fashion group’s challenges ahead of a long-planned flotation that would be one of the biggest on the London stock exchange this decade.
The Singapore-based group’s net profit shrank by almost 40 per cent to $1bn in 2024 as it suffered a difficult final quarter and battled competition from rival Temu, two people with knowledge of the matter told the Financial Times.
Sales for the full year increased by 19 per cent to $38bn, according to the people, one of whom added that the figures were from internal projections ahead of finalised accounts.
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