Fast fashion retailer Shein doubles profits as it awaits IPO approval

Company founded in China and promoted on social media is thought to be considering London listing

Shein, the online fast fashion retailer founded in China, has more than doubled its profits to more than $2bn (1.6bn) as it awaits approval for a stock market listing in New York or London.

The company, which is growing rapidly around the world by using social media to promote its goods, recorded sales of about $45bn last year, according to a report in the Financial Times based on information from sources close to the company.