Sales by Shein’s Ireland-registered entity Infinite Styles Ecommerce Co grew 68 percent in 2023, hitting €7.684 billion ($8.36 billion), according to annual results published on Monday.
Fast-fashion retailer Shein, which sells $4 tops and $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 $66 billion last year in a fundraising round.
After-tax profit for the Dublin-registered entity more than doubled to €99.5 million from €45.8 million in 2022. Gross profit for the year was €314 million, up from €172 million 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 Co Ltd 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 in taxes, up from €5.8 million in 2022, according to the filing. It doubled its number of employees to 24, and its 2023 wage bill was €5.5 million.
Shein’s British entity last month reported sales of 1.55 billion pounds ($2 billion) in the UK, its third-biggest market after the US and Germany.
Infinite Styles Ecommerce Co Ltd is a unit of Singapore-based Roadget Business Pte Ltd, and the ultimate controlling party is a Cayman Islands company called Elite Depot Limited.
By Helen Reid; Editors: Jan Harvey and Rod Nickel
Learn more:
Shein’s UK Sales Hit $2 Billion Ahead of Possible London Listing
The company, which was founded in China but is now based in Singapore, saw its British revenue rise 38 percent in 2023 from a year earlier.
