As the Chinese e-commerce behemoth gets ready for a London IPO, Shein's income in the UK increased dramatically in 2023.

The company reported a £1.6 billion turnover for the year, nearly double when length reporting reports were taken into account, and an approximate 40% increase over the prior 16-month reporting period from September 2021 to December 2022. Over the year, profits more than doubled to reach over £24 million.

The company is positioned for explosive expansion and may fetch a massive eleven-figure valuation if it moves forward with ambitions to list on the London Stock Exchange, thanks to the sales figures that catapult Shein to among the largest e-commerce firms in the UK.

Shein stated that it has expanded its footprint in the UK with the opening of a new office in Manchester in accounts submitted to Companies House this week. The company also emphasized the representation of women in its workforce, stating that two of its two directors, all four of its UK managers, and 25 of its 33 UK employees were female.

Shein is moving forward with preparations for its anticipated London IPO and will host informal investor meetings in the upcoming weeks, according to a report by Reuters. The float has not yet received regulatory permission in the United Kingdom.

According to reports, the fast-fashion company had previously planned a US IPO but changed its mind and chose to list in London instead of New York due to opposition from Washington legislators. Shein is rumored to be aiming for a £50 billion London value, easily making it the largest tech IPO in UK history.

In the UK, the company's hiring and business methods have also drawn criticism. Labour MP Liam Byrne, who chairs the business and trade committee of parliament, stated that new laws should be introduced in the UK to tighten oversight of supply chains that might involve goods originating from the northwest Chinese province of Xinjiang.