Shein doubles profits in UK after sales leap 40%
by Sarah Butler from World news | The Guardian on (#6RABS)
Fast-fashion retailer presents real challenge for Boohoo and Asos' as it considers 50bn IPO, says analyst
Shein, the online fast-fashion retailer founded in China, doubled profits at its UK arm last year as sales jumped nearly 40% to 1.5bn - making it about the same size as its rival Boohoo.
The company, which is considering a 50bn float on the London Stock Exchange, said pre-tax profits at Shein Distribution UK rose to 24.4m, on which it paid 5.7m in income tax, according to accounts filed at Companies House.
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