As a private company, Shein does not publish profit guidance but the 2024 figures were far lower than the $4.8bn in net profit and $45bn in sales the company had projected for 2024 in a presentation to investors in early 2023, which was seen by the FT. Shein did not respond to a request for comment.

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.