Shein's Annual Revenue Is More Than $30 Billion, Key Retail Partner Says

By Jace Dela Cruz

Jan 09, 2024 01:13 AM EST

The annual revenue of Chinese fast-fashion giant Shein is more than $30 billion, according to Jamie Salter, the founder and CEO of Authentic Brands Group, a key retail partner of Shein. 

CNBC reported that Salter referred to Shein as the "fastest growing fashion retailer in the world" and suggested that its actual sales could even be higher than the reported $30 billion figure.

(Photo : RICHARD A. BROOKS/AFP via Getty Images)
This photo taken on November 10, 2022 shows the Shein logo on a coat hanger and label during a media preview of the first permanent showroom of Chinese online fast fashion giant Shein in Tokyo.

Shein Is Not Publicly Disclosing its Financials

While Shein, as a private company, does not publicly disclose its financials, Salter, who has insights into Shein's financials due to a partnership formed last summer, hinted that the company's revenue exceeds $30 billion. 

The fashion retailer has been a subject of speculation and interest, especially after it confidentially filed for an initial public offering (IPO) in the US. The IPO move follows a period of significant growth for Shein and efforts to address concerns raised by lawmakers about its business practices.

The partnership between Authentic Brands Group and Shein involved the fast-fashion company acquiring approximately a third of Sparc Group. This joint venture includes Authentic Brands Group and Simon Property Group. 

Sparc, the operator of Forever 21 (owned by Authentic), took a minority stake in Shein. This collaboration has led to introducing a co-branded clothing line with Forever 21 and hosting pop-up events at Shein's mall stores.

READ ALSO: Shein Files for US IPO as Chinese-Founded Fashion Giant Seeks to Expand Global Reach 

Shein Revenue Figure 

Despite being a private entity, details about Shein's financial performance have surfaced in recent years, particularly during the lead-up to filing for the IPO in the US.

Earlier reports, including one from The Wall Street Journal in May, suggested that Shein achieved $23 billion in sales in 2022. The same report indicated that Shein aimed to achieve a 40% growth in sales for 2023, potentially surpassing the $30 billion mark. 

However, whether the company reached this ambitious target remains uncertain as Shein has not yet commented on the matter. CNBC reported that if Shein's sales reach over $30 billion annually, it would align the company's sales with those of Zara's owner, Inditex, and above those of H&M.

READ MORE: Alibaba Co-Founder Jack Ma, the Chinese Tech's Poster Boy, Moves Into Food Business

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