Shein outsells British rival Asos as UK revenue hits £2.58bn
Online retailer’s 26% jump sharpens focus on exemption letting cheap parcels into the country duty-free Shein, the online fast-fashion retailer founded in China, increased sales in the UK by just over a quarter last year, overtaking its British rival Asos. The company, whose global parent group listed on the Hong Kong stock exchange valued at just over $26bn (£19.6bn) last month, increased sales…
UK online fashion giant Shein has outpaced its British competitor Asos, with the former reporting a 26% surge in sales last year to reach £2.58bn in revenue. The Chinese-founded fast-fashion retailer, valued at over $26bn (£19.6bn) by its Hong Kong-listed parent group, saw its pre-tax profits climb by 18% to £45.2m. Employee numbers in the UK also increased, with the workforce rising to 113 from 91 the previous year.
Shein's sales growth can be attributed to strategic marketing moves, such as partnerships with music festivals, a pop-up shop on Oxford Street, and Christmas gift events in major cities like Edinburgh, Manchester, and Liverpool. This strong performance could compel the UK government to reconsider the "de minimis" rule, which currently exempts low-value parcels from import duties.
The rule has allowed companies like Shein and Temu to thrive in the UK market, and concerns about Chinese retailers flooding the market have intensified since the US recently ended its own exemption for Chinese-made goods. The UK government, led by former Chancellor Rachel Reeves, has expressed a desire to abolish the rule by 2028, though industry leaders have called for a faster implementation.
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