Made public ahead of a Hong Kong listing planned for September, Shein’s financial documents, seen by mind Retail, confirm the shift experienced by the fast-fashion retailer. Despite a 8% sales growth last year, net profit plunged by 39%, as the group is directly hit by the end of tax exemptions in the US and soon in Europe.
According to the listing documents seen by mind Retail, Shein’s sales reached US$41.85 billion in 2025, making it the world’s 4th-largest retailer for the 2nd consecutive year, after US retailers TJX and Nike and Spain’s Inditex. Revenue growth has nevertheless slowed sharply: sales grew by 8% last year, down sharply from +20.7% in 2024 and +41.1% in 2023. This is twice as low as the growth recorded by German rival Zalando.
For Shein, this is a result of the impact of tariffs introduced in the U
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Article authors
Sophie Baqué
Chief Editor of mind Retail