Shein profits double to more than $2bn ahead of planned listing

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Shein Group headquarters in Singapore: Its IPO is seen as a bellwether of Beijing’s attitude towards companies founded in China but reincorporated overseas to avoid geopolitical tension. Photograph: Ore Huiying/Bloomberg Online fast-fashion giant Shein has more than doubled its profits as it awaits regulatory approval from Beijing to go ahead with its blockbuster listing in New York or London. Shein hit a record of more than $2 billion (€1.85 billion) in profits for 2023 and posted roughly $45 billion in gross merchandise value, the total value of sold goods on its website, said four people close to the company, which...