Fast-fashion retailer Shein’s profit slumped by almost 40% last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.

As a private company, Shein does not publish profit guidance but the 2024 figures were far lower than the $4.8bn in net profit and $45bn in sales the company had projected for 2024 in a presentation to investors in early 2023, which was seen by the FT. Shein did not respond to a request for comment.

Shein’s profit drops by almost 40% in 2024 due to competition, supply chain costs, and market pressures. Will its IPO plans be delayed?

Fast fashion e-tailer Shein is believed to have seen its group net profit drop by nearly 40 percent to one billion dollars in 2024 amid

Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.

Shein’s profits plunged by more than a third last year in a fresh blow to its highly anticipated flotation on the London Stock Exchange.

Online fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.