Data from GlobalData suggests that Shein is on track to overtake Zara within the next two or three years. In 2023, the retailer generated more than £1.3bn in clothing sales in the UK, holding 2.2% of the market share, while Zara sits at 2.4%.
Founded in 2008, the company has gained traction by offering affordable clothing and lifestyle products, introducing over 2,000 new styles daily. In a move signaling further expansion, Shein announced plans to open an office in Manchester, adding to its existing presence in London, which employs about 40 staff.
The potential US IPO of the online fast fashion giant faces a delay due to the need to comply with new listing rules for local firms and the lengthy approval process with Chinese regulators. The IPO may be hindered by stricter-than-expected scrutiny from US regulators and the decisions of the Chinese regulator.
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