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The company, which is considering a \u00a350bn float<\/a> on the London Stock Exchange, said pre-tax profits at Shein Distribution UK rose to \u00a324.4m, on which it paid \u00a35.7m in income tax, according to accounts filed at Companies House.<\/p>\n

The rapid rise of Shein, which bought the Missguided online brand from Mike Ashley\u2019s Frasers Group last year, has piled pressure on UK online fashion retailers including Asos and Boohoo.<\/p>\n

<\/gu-island><\/figure>\n

The new competitor is gaining ground just as British online fashion retailers face a squeeze on demand the market after a pandemic boom.<\/p>\n

Competition from high-street retailers such as Primark, and the expansion of Next, Marks & Spencer and John Lewis into selling a wider selection of brands online, has also made life tougher for online fashion companies.<\/p>\n

Clive Black, an analyst at Shore Capital, said the figures confirmed that Shein remained \u201ca powerful machine\u201d that presented a \u201creal challenge for Boohoo and Asos\u201d.<\/p>\n

Both companies have reported falling sales, and Boohoo recently made a number of cost-cutting measures, including shutting its US warehouse<\/a>.<\/p>\n

Black said Shein\u2019s growthhad given rivals \u201cevery reason to feel not particularly cheerful\u201d.<\/p>\n

He added: \u201cIn the entry-price market, where customers don\u2019t care too much about the supply chain, it\u2019s a fundamental and big part of Asos and Boohoo\u2019s problems.\u201d<\/p>\n

UK retailers have called on the government to change tax rules as Shein partly benefits from sending goods directly to shoppers, including to the UK and US, from China<\/a> so they attract fewer taxes.<\/p>\n

The EU is moving forward with plans to impose customs duty on cheap goods in a shift that could hit imports from online retailers such as Shein, potentially harming its hoped-for London listing<\/a>.<\/p>\n

skip past newsletter promotion<\/a><\/p>\n

The mooted flotation has come under fire from workers\u2019 rights campaigners<\/a> who are concerned about a lack of transparency over Shein\u2019s supply chain.<\/p>\n

Black said the UK trading figures were part of a much wider global picture for Shein, and the potential listing would be affected by concerns about tax, potential problems in the supply chain, plagiarism and growth.<\/p>\n

Founded by the entrepreneur Chris Xu<\/a>, the company continues to run most of its operations from China but sells all its goods outside the country. The retailer, which is headquartered in Singapore and has 33 UK employees, reached a valuation of $100bn in an April 2022 fundraising round, making it the third most valuable startup in the world.<\/p>\n

A spokesperson for the company said: \u201cShein has grown revenue and profit over the last year. This has been driven by strong customer demand and loyalty across the UK. We continue to invest in our on-demand platform to provide more choice and better experience for customers.\u201d<\/p>\n<\/div>\n

Source: www.theguardian.com<\/p>\n","protected":false},"excerpt":{"rendered":"