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Shein's Revenue Growth Reportedly Slows in First Half amid IPO Plans

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein's Revenue Growth Reportedly Slows in First Half amid IPO Plans

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

Online retailer Shein's revenue growth slowed to 23% in the first half of this year, from 40% last year, The Information reported on Tuesday, citing two people familiar with the matter, as it prepares for a highly anticipated listing in London.
The deceleration in growth coincides with rising competition from Chinese bargain shopping site Temu, which has grown in popularity in recent years in the US, the report said.
The company's profit declined more than 70% to just below $400 million in the first half of this year, according to the report. Revenue during the period reached $18 billion.
Shein, which sells $5 tops and $10 dresses, has seen rapid growth fueled by its low-cost business model of sending parcels to customers worldwide straight from factories in China.
The company was valued at $66 billion in a fundraising round last year and held informal investor meetings this month for a planned London initial public offering, Reuters reported.
Shein does not publicly report its global results.
Earlier in October, a filing by the online fast-fashion group showed Shein's British business generated 1.55 billion pounds ($2 billion) in revenue in 2023.
Shein did not immediately respond to a request for comment.

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Fashion

Saudi Fashion Commission Concludes 'Building a Fashion Brand' Program in Partnership with Fondazione Sozzani

The program concluded with an official ceremony at the Future Creative Residence, where participants received certificates of completion - SPA
The program concluded with an official ceremony at the Future Creative Residence, where participants received certificates of completion - SPA
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Saudi Fashion Commission Concludes 'Building a Fashion Brand' Program in Partnership with Fondazione Sozzani

The program concluded with an official ceremony at the Future Creative Residence, where participants received certificates of completion - SPA
The program concluded with an official ceremony at the Future Creative Residence, where participants received certificates of completion - SPA

Saudi Arabia's Fashion Commission successfully concluded its five-day intensive program titled “Building a Fashion Brand,” held at the Future Creative Residence (FCR) in Riyadh.

According to a press release issued by the commission today, the program aimed to empower ambitious Saudi talents and equip beginner designers with essential knowledge, strategic tools, and practical guidance to support the development and launch of their own fashion brands. It was delivered in partnership with Fondazione Sozzani, an international institution dedicated to preserving culture and creativity and promoting sustainable fashion.

The program highlighted the intersection between fashion, visual culture, and sustainability. Participants engaged in a rich week of lectures, workshops, one-on-one sessions, and brand development activities led by international experts, SPA reported.

The program was supervised by Creative Director of Fondazione Sozzani Sara Sozzani Maino, one of the world's most prominent advocates of responsible fashion known for her work with Vogue Italia and Vogue Talents, alongside Riccardo Terzo, stylist, editor, and creative director of DUST China, who has extensive experience in talent scouting and the history of fashion imagery.

The two experts presented an integrated curriculum covering brand identity, storytelling, visual language, portfolio development, responsible fashion practices, and the evolving landscape of global fashion culture.

Participants were offered a continuous creative journey, exploring the foundations of defining personal and brand identity, developing integrated visual and written narratives, understanding contemporary fashion imagery and communication methods, and building a design approach rooted in sustainability, responsibility, and professional ethics.

They also enhanced their ability to develop strategies through research and moodboards, explore collaboration opportunities, and build integrated creative ecosystems, in addition to benefiting from individual mentoring sessions focused on refining vision, strategy, and identity.
The release added that their perspectives were further broadened through documentary screenings, open discussions, and analytical studies of global brands such as Jacquemus, Wales Bonner, and the Fashion Revolution movement, contributing to strengthened awareness of contemporary international trends.

On the final day, participants presented their developed brand concepts before a panel of experts, showcasing identity statements, visual visions, and strategic foundations for each brand. The program concluded with an official ceremony at the Future Creative Residence, where participants received certificates of completion.

The “Building a Fashion Brand” program reflects the Fashion Commission’s commitment to empowering the new generation of Saudi designers, enhancing global creative exchange, and building a sustainable fashion ecosystem that meets future needs within the Kingdom.

Through its strategic partnerships with leading international institutions such as Fondazione Sozzani, the commission continues to develop specialized programs that support emerging talents and elevate the fashion scene in Saudi Arabia.

In this context, the Sozzani Foundation is preparing to launch another program under the supervision of the Fashion Commission titled “Content Creation in Fashion,” scheduled for December 15, 2025, in Milan. A group of Saudi designers has been selected to participate, including one designer nominated from the previous program to ensure continuity of learning and deepening of acquired skills.

Fashion

China's HongShan Reportedly Eyes $2.9 Billion Golden Goose Deal by Christmas

People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
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China's HongShan Reportedly Eyes $2.9 Billion Golden Goose Deal by Christmas

People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier
People walk in a commercial street at the historical Shichahai district in Beijing, China, December 3, 2025. REUTERS/Sarah Meyssonnier

China's HongShan Capital Group (HSG) has sent a 2.5 billion euro ($2.91 billion) offer to private equity Permira to buy Italian luxury sneaker maker Golden Goose, with the aim of signing the deal by Christmas, daily la Repubblica reported on Friday.

Details still need to be defined but the offer gives the luxury group an enterprise value of 10 times the core profit expected by the end of the year, debt included, the newspaper said.

Golden Goose's revenues totaled 655 million euros in 2024, with an adjusted core profit of 227 million euros.

HSG has asked veteran fashion industry executive Marco Bizzarri to become Golden Goose's future chairman, la Repubblica said, adding that the Chinese private equity aims to expand Golden Goose's directly-managed stores, particularly in Asia, and plans to list the group in the medium-term.

Last year the Venice-based company, which sells sneakers for more than 500 euros a pair, shelved plans for an initial public offering on the Milan Bourse, citing market volatility caused by political uncertainty in Europe.

Fashion

Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
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Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

A move by struggling British online fashion retailer Debenhams to push ahead with a new executive pay scheme without seeking approval from investors was "utterly disgraceful", the finance chief of rival Frasers said on Thursday.

Frasers is Debenhams' biggest investor with a 29.7% stake.

Last week, Debenhams said that one of the reasons it was not asking for a shareholder vote on the new pay scheme worth up to 222 million pounds ($296 million) was because a "major competitor" investor, which it did not name, had tried to block previous resolutions.

Debenhams has been locked in a long-running tussle with Frasers, majority-owned by British retail tycoon Mike Ashley, which unsuccessfully attempted to block its rebrand and oust its co-founder.

Frasers' chief financial officer Chris Wootton said Debenhams' latest move, which could see CEO Dan Finley earn up to 148 million pounds if Debenhams' share price hits 3 pounds over the next five years, was "typical corporate governance from them, utterly disgraceful".

However, he told Reuters that if Debenhams achieved a share price of 3 pounds "shareholders will be happy."

Debenhams shares were trading at 22.25 pence on Thursday, down 3.3%.