Shein’s European entity reports 68% sales growth in 2023

SALES by Shein’s Ireland-registered entity Infinite Styles Ecommerce grew 68 per cent in 2023, hitting 7.7 billion euros (S$11 billion), according to annual results published on Monday (Nov 4).

Fast-fashion retailer Shein, which sells US$4 tops and US$8 dresses, has grown rapidly in the US, Europe and the UK and is working towards an initial public offering in London. It was valued at US$66 billion last year in a fundraising round.

After-tax profit for the Dublin-registered entity more than doubled to 99.5 million euros from 45.8 million euros in 2022. Gross profit for the year was 314 million euros, up from 172 million euros in 2022.

Founded in China in 2008, Shein now has its global headquarters in Singapore and its Europe, Middle East and Africa headquarters in Dublin.

Infinite Styles Ecommerce has subsidiaries in Belgium, France, Germany, Italy, and Poland, according to the filing. A Shein spokesperson did not specify how many European countries are covered by the results.

The company paid 18.4 million euros in taxes, up from 5.8 million euros in 2022, according to the filing. It doubled its number of employees to 24, and its 2023 wage bill was 5.5 million euros.

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Shein’s British entity last month reported sales of £1.6 billion (S$2.7 billion) in the UK, its third-biggest market after the US and Germany.

Infinite Styles Ecommerce is a unit of Singapore-based Roadget Business, and the ultimate controlling party is a Cayman Islands company called Elite Depot Limited. REUTERS