Media: SHEIN's profit doubled last year, approaching nearly $2 billion

Fast fashion cross-border e-commerce SHEIN achieved a record profit last year.

On March 31st, according to media reports citing four informed sources, SHEIN's profit in 2023 reached over 2 billion US dollars, with a total Gross Merchandise Volume (GMV) of approximately 45 billion US dollars.

Based on financing documents, SHEIN's profit last year exceeded the 700 million US dollars net income in 2022 and the 1.1 billion US dollars net income in 2021. The company was founded in China but has since relocated its headquarters to Singapore.

Its competitors, the parent company of Spanish fast fashion brand Zara, Inditex Group, and Swedish fast fashion giant H&M, reported net profits of 5.4 billion euros (approximately 5.8 billion US dollars) and 870 million Swedish kronor (approximately 820 million US dollars) respectively in the latest fiscal year.

SHEIN's latest round of financing valued the company at over 60 billion US dollars. Regarding these financial figures, SHEIN declined to comment.

Tianyancha data shows that as of the end of 2022, SHEIN has over a dozen subsidiaries in mainland China with a total of 10,382 employees responsible for logistics, coding, and all other affairs. In contrast, LinkedIn shows that the company has only around 200 employees in Singapore.

It is worth mentioning that SHEIN's founder, 40-year-old Chris Xu, holds a 37% stake in SHEIN according to disclosures. Other major shareholders include Sequoia China, General Atlantic, and Mubadala, the Abu Dhabi sovereign wealth fund