Shein profits sink ahead of London IPO

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.
Net profit for the fast fashion giant plummeted by almost 40% to £789m ($1bn) in 2024 following a difficult final quarter and rising competition from rival Temu, The Financial Times reported. Sales are understood to have jumped 19% to £30bn ($38bn).
The figures are much lower than Shein’s initial projections of £3.8bn ($4.8bn) in n