Fast fashion giant Shine is reported to have more than doubled its 2023 profits to a record high of more than $2 billion, as the Chinese-owned company awaits approval to list in the United States. ing.
Profits last year jumped from $700 million in 2022, down from $1.1 billion in 2021, according to financial documents obtained by authorities. Financial Times.
Four people close to the company told the FT that Shayne’s blockbuster year brought in about $45 billion in gross merchandise sales, or the total value of products sold on its website.
The e-commerce giant’s record profits come as it prepares for an IPO, which is awaiting listing approval from regulators in Beijing and Washington, and is expected to be the biggest of 2024. .
Shein was founded in China but moved its headquarters to Singapore in 2022. The company operates most of its online-only business in the Chinese city of Nanjing, so it has sought local regulatory approval before its debut.
A 2022 funding round valued the company at more than $60 billion.
The company, popular among Gen reported. luck.
However, retail traders valued the company at about $50 billion in late 2023, the newspaper reported.
The most valuable Chinese-founded company ever listed in the U.S. is e-commerce giant Alibaba Group, which debuted in 2014 with a valuation of $231 billion.
In the run-up to a potential U.S. debut, Shein is lobbying in Washington amid mounting criticism of the company’s shipping model, which ships Chinese products directly to U.S. shoppers to avoid import taxes, according to the FT. It is said that he is going there.
According to the FT, public records show Mr Shein spent nearly $2 million on lobbying within nine months last year.
The company also maintains a large presence in China, where lawmakers have urged regulators to tread carefully and have expressed concern about the app’s threat to national security. He reiterates his opposition to TikTok on Capitol Hill.
Sen. Marco Rubio (R-Florida) wrote in an open letter to U.S. Securities and Exchange Commission Chairman Gary Gensler in February: FT reported.
The company, which posts more than 6,000 low-cost new products on its website every day, has also received numerous complaints about working conditions, particularly around a range of conditions. TikTok videos The practice of displaying clothing tags with the words “Help me” and “Help me please” sewn into them quickly became popular.
In addition, Shane 2021 Sustainability and Social Impact Report The audit of 700 suppliers found “frequent violations” across the supply chain.
Of those surveyed, the most people (27%) cited violations of their company’s Fire and Emergency Preparedness and Working Hours (14%). Meanwhile, 8% cited errors in “general working conditions,” and less than 1% mentioned “underage labor.”
As of the end of 2022, Shein had 10,382 employees in mainland China, working for more than a dozen subsidiaries and handling everything from logistics to code writing, the FT reported, citing Chinese data provider Tianyancha. It is said that he was doing well.
Meanwhile, LinkedIn touts that the company only has about 200 employees in Singapore.
Sources close to the company told the FT that Schein is considering London as a back-up option if the U.S. initial public offering doesn’t work out.
A representative for Mr. Shein did not immediately respond to The Post’s request for comment.
