Shein Profit Dropped Last Year, Further Challenging IPO, FT Says
Shein signage outside a Forever 21 store in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Fast-fashion retailer Shein’s profit slumped by almost 40% last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.
Net income fell to $1 billion even as sales jumped 19% to $38 billion, according to the report. The figures are internal projections before accounts are finalized, one of the people told the newspaper.