Shein says changes to US tariffs have increased uncertainties

Shein has reported a 20% rise in global revenues to $37bn (£27.8bn) but profits have fallen after the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws.

- Sarah Butler

The Singaporean parent company of the rapidly growing retailer said pretax profits had fallen by 13% to $1.3bn last year from $1.5bn in 2023 after a rise in selling and marketing costs, according to new accounts.

Shein is thought to be trying to list on the Hong Kong stock exchange after efforts to list in the US and UK for an estimated £50bn valuation went awry.

The China-founded online seller said changes to US tariff policies since April this year and their “frequent evolution” had “increased the level of uncertainties in the global economy”.