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Shein’s 2022 sales grow 4x ahead of IPO to close in on Zara

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    • Shein has expanded rapidly into South-east Asia in 2022, not long after moving its parent firm to Singapore from China.
    • Shein has expanded rapidly into South-east Asia in 2022, not long after moving its parent firm to Singapore from China. PHOTO: REUTERS

    Miguel Cordon

    Published Mon, Jul 1, 2024 · 09:52 AM

    CHINA-FOUNDED Shein started surging in popularity in 2020 amid the Covid-19 pandemic, as customers who were stuck at home logged on to the online retailer to buy cheap clothes. The financials of its parent firm reflect this rise.

    Roadget Business, Shein’s Singapore-incorporated entity, generated US$21.6 billion of revenue in 2022, roughly 4x of the previous year, according to data from Alternatives.pe.

    While cost of sales and selling and marketing expenses grew at around the same rate, Roadget Business achieved a net profit of US$634 million, up by over 3x from 2021.

    SheinIPOZaraTech in Asia

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