Shein’s profits plunged by more than a third last year in a fresh blow to its highly anticipated flotation on the London Stock Exchange.

Fast-fashion retailer Shein’s profit slumped by almost 40% last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.

Shein's profits dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday. The online fast-fashion retailer's net profit fell by almost 40% to $1 billion in 2024,