Rolling coverage of the latest economic and financial news, as Shein inches towards a float on the London stock exchange
The Financial Times agrees that landing a flotation of Shein’s size would be “a coup” for the “faltering” UK stock exchange.
The company hit a record of more than $2bn in profits for 2023, surpassing the $700mn of net income it generated in 2022 and $1.1bn in 2021.
By comparison, rivals H&M and Zara owner Inditex reported net profits of SKr8.7bn ($820mn) and €5.4bn ($5.8bn), respectively, in their most recent fiscal years.
On today’s “New In” page, there are 8,640 items (yesterday there were 8,760). The most expensive dress of the nearly 9,000 new arrivals – a floor-length, long-sleeved, fully sequinned plus-size gown, available in five sparkly colours – is $67. The cheapest – a short, tight piece of polyester with spaghetti straps, a cowl neckline and an all-over print of Renaissance-style flowers and cherubs – is $7.
I can buy casual dresses, going-out tops, workout leggings, winter parkas, pink terry-cloth hooded rompers, purple double-breasted suit jackets with matching trousers, red pleather straight-leg pants, cropped cardigans with mushroom embroidery, black sheer lace thongs and rhinestone-trimmed hijabs. I can buy a wedding dress for $37. I can buy clothes for school, work, basketball games, proms, funerals, nightclubs, sex clubs. I see patchwork-printed overalls and black bikinis with rhinestones in the shape of a skull over each nipple designated as “punk”. I can buy Christian-girl modesty clothing and borderline fetish wear.
Continue reading…Rolling coverage of the latest economic and financial news, as Shein inches towards a float on the London stock exchangeThe Financial Times agrees that landing a flotation of Shein’s size would be “a coup” for the “faltering” UK stock exchange.The FT adds:The company hit a record of more than $2bn in profits for 2023, surpassing the $700mn of net income it generated in 2022 and $1.1bn in 2021.By comparison, rivals H&M and Zara owner Inditex reported net profits of SKr8.7bn ($820mn) and €5.4bn ($5.8bn), respectively, in their most recent fiscal years.On today’s “New In” page, there are 8,640 items (yesterday there were 8,760). The most expensive dress of the nearly 9,000 new arrivals – a floor-length, long-sleeved, fully sequinned plus-size gown, available in five sparkly colours – is $67. The cheapest – a short, tight piece of polyester with spaghetti straps, a cowl neckline and an all-over print of Renaissance-style flowers and cherubs – is $7.I can buy casual dresses, going-out tops, workout leggings, winter parkas, pink terry-cloth hooded rompers, purple double-breasted suit jackets with matching trousers, red pleather straight-leg pants, cropped cardigans with mushroom embroidery, black sheer lace thongs and rhinestone-trimmed hijabs. I can buy a wedding dress for $37. I can buy clothes for school, work, basketball games, proms, funerals, nightclubs, sex clubs. I see patchwork-printed overalls and black bikinis with rhinestones in the shape of a skull over each nipple designated as “punk”. I can buy Christian-girl modesty clothing and borderline fetish wear. Continue reading…
