Shein Group’s net income rose to over US$400 million and revenue was almost US$10 billion in the first quarter as consumers snapped up the fast-fashion retailer’s products ahead of US tariffs, according to people familiar with the matter.
The performance helped lift the company’s profit margin to about 5 per cent, the people said, asking not to be identified because the figures were disclosed confidentially.
Shein said in an emailed statement that “the data is inaccurate” without elaborating.
The company’s path toward an initial public offering has developed into a saga, with an initial plan to list in the US derailed as its supply chain and labour practices were scrutinised.
Shein also considered the UK before opting for Hong Kong, where it confidentially filed a draft prospectus, Bloomberg reported in July.
The clothing retailer, which was founded in mainland China and is headquartered in Singapore, does not disclose its financial figures publicly and it is unclear how Shein fared in the April-June quarter, which kicked off with US President Donald Trump’s “Liberation Day” tariff announcements.
