Shein sales pass £2bn as chancellor urged to tackle 'de minimis' tax rule

Shein, the online fast-fashion retailer founded in China, increased sales in the UK by about a third to more than £2bn last year, overtaking its British rival Boohoo and closing in on Asos.

- Sarah Butler

The company, which had been considering a £50bn flotation on the London Stock Exchange but is expected to list in Hong Kong, said profits rose by 56% to £38.2m last year, on which it paid £9.6m corporation tax, according to accounts filed at Companies House this week.

Shein, which sells mainly fashion but has also moved into other products including toys and beauty, said it had benefited from the opening of new offices in King's Cross and Manchester, and the launch of a pop-up shop in Liverpool.