Shein Outsells British Rival Asos as UK Revenue Hits $3.41 Billion

Shein, an online fast-fashion retailer founded in China, increased sales in the UK by 26% to £2.58 billion. This growth allowed the company to overtake its British rival Asos. According to accounts filed at Companies House, pre-tax profits rose 18% to £45.2 million.

The company attributed the sales growth to marketing partnerships, including with the Wireless and Creamfields music festivals, a pop-up shop on London’s Oxford Street, and Christmas gift events in several cities. The UK division employed 113 people, mostly in sales and marketing, up from 91 the previous year.

Shein paid £11.2 million in current tax, mainly corporation tax, up from £9.6 million the previous year. The company’s UK revenue was $3.41 billion, based on the exchange rate implied by its parent group's valuation of over $26 billion.

Brief written by urgent.news from Business of Fashion, Guardian Business — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.