Shein leapfrogged H&M, Gap, and Uniqlo in revenue

With ultrafast-fashion giant Shein filing for an IPO in the US, some light has been shed on the Chinese firm’s financial results.

According to the The Information, Shein recorded US$23 billion in revenue for 2022. That figure is a 36.9% increase from 2021.

To put this in context, we can set this revenue result alongside the numbers of some of Shein’s more well-known competitors.

As the chart above shows, Shein recorded more revenue than household names like H&M, Gap, and Uniqlo. The Chinese firm was founded in 2012, while the other three companies have much longer histories – they have been operational for 76, 54, and 39 years, respectively.

See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants

Shein also recorded significantly more net income in 2022 than H&M and Gap, though they were all outstripped by Uniqlo’s over US$1.8 billion figure.

The numbers for Uniqlo though are those of its parent company Fast Retailing, which has several fashion brands besides its primary subsidiary Uniqlo.

Shein is reportedly targeting a valuation of US$90 billion in its IPO.

Credits

Graphic: Peter Cowan

Editing: Simon Huang and Jaclyn Tiu