UK business booked a pretax profit of 24.4 mln stg in 2023
Shein seeking regulatory approval for a UK listing
To start informal investor meetings soon, sources say

Oct 8 Reuters Shein39;s British business made 1.55 billion pounds 2 billion in revenue in 2023, up sharply from its previously reported results, a filing by the online fastfashion group showed on Tuesday, as it prepares for a hotlydebated listing in London.

Shein39;s rapid growth, fuelled by its lowcost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden39;s HM and Londonlisted Asos and Boohoo.

Shein, valued at 66 billion in a fundraising last year, is set to hold informal investor meetings in the coming weeks for a planned London initial public offering, sources with knowledge of the matter said last week, as the group awaits UK regulatory approval.

A multibilliondollar IPO could be a boost for Britain39;s financial markets, which have struggled to attract top companies in the wake of Brexit. But any green light is also likely to attract criticism after U.S. lawmakers opposed Shein39;s listing there over concerns about its labour practices. The company has repeatedly said it is committed to respecting human rights.

The 2023 revenue for Shein Distribution UK Limited was up 38 on its previously reported sales of 1.122 billion pounds over the 16months from Sept. 6, 2021, to the…