Chinese-founded company Shein’s financials show sales generated by fast fashion between January and September 2023 as $24 billion, close to overtaking H&M and Zara.

Fast fashion retailer Shein, established in China and domiciled in Singapore, is poised to surpass Zara and H&M this year. According to The Information, the private company's sales increased to $24 billion in the first nine months of 2023.

The Wall Street Journal claimed that Shein made $23 billion in revenue last year, with an $800 million profit. By the end of this year, the company aimed to increase its revenue by 40%. It seems to be headed toward its goal.

According to the income numbers, the Swedish fast fashion brand H&M has already been eclipsed by the fashion shop. During the nine months from December 1, 2022 to August 31, 2023, the company — formerly known as H & M Hennes & Mauritz AB — reported $16.4 billion in net revenue and $8.2 billion in gross profit. Zara's parent company, Inditex, a massive Spanish fashion conglomerate, announced sales of $18.3 billion (16.9 billion euros) and gross profit of $10.6 billion (9.8 billion euros) for the six-month period ending on July 1.

The private business apparently has big aspirations to go public as early as 2024, despite US government accusations of forced labor, dubious sourcing, intellectual property violations, and trade loophole exploitation, among other things.