Shein, the Chinese-founded online fast-fashion retailer, has doubled its profits in Britain and overtaken Boohoo before a planned blockbuster float in London.
Pre-tax profit at Shein UK rose from £12.2 million to £24.4 million in the year to the end of December, on which it paid £5.7 million in income tax, according to new accounts at Companies House.
The Singapore-based retailer, which is considering a float on the London Stock Exchange, reported that revenues rose from £1.12 billion to £1.55 billion during the same period. UK sales at Boohoo Group, its competitor, were £1.09 billion last year.
The rise of Shein, founded in Nanjing in 2012, has put pressure on its fast-fashion rivals in Britain such as Asos and Boohoo. It sells ultra-cheap