SHEIN Is Now Making Over $30 Billion in Sales Yearly

SHEIN, a major player in the fast-fashion e-commerce world, is reportedly making some of the highest revenue globally in the industry. While the private company keeps its financial records under wraps, inside sources indicate that the company’s yearly sales significantly exceed the estimated $30 billion.

SHEIN’s staggering revenue puts it on par with the likes of global retail leaders like Zara’s parent company, Inditex, and even outshines H&M. The potential reveal of SHEIN’s financials may be on the horizon due to its plans to go public in the U.S., after months of addressing legislators’ concerns about its business operations.

A peek into SHEIN’s financial affairs is possible thanks to its partnership with Jamie Salter, CEO of Authentic Brands Group. This past summer, SHEIN acquired about one-third of Sparc Group, a joint venture between Authentic and Simon Property Group, with Sparc reciprocating by taking a minority stake in SHEIN. Sparc operates Forever 21, which is owned by Authentic, and this partnership has led to SHEIN launching a co-branded clothing line with Forever 21 and setting up pop-up events in Forever 21’s mall stores.

While specifics about SHEIN’s financials remain elusive, some information has trickled out to the press, particularly as the retailer gears up for its initial public offering (IPO). According to The Wall Street Journal, in 2022, the company generated $23 billion in sales. SHEIN also reportedly aimed to increase sales by 40% in 2023, bringing potential revenue up past the $30 billion mark.

SHEIN hasn’t specified whether the company has achieved this ambitious goal, but Salter stated, “There’s talks that they do 30 billion, do they do 40 billion? Do they do 35 billion? I’m not going to tell you exactly what they do, but I can tell you they do a lot more than $30 billion.”

Compared to retail companies like Walmart and Amazon, which rake in hundreds of billions in annual sales, SHEIN’s revenues are relatively modest. But with estimated sales north of $30 billion, SHEIN overshadows American retailers like Abercrombie & Fitch and American Eagle, which reported annual sales of $3.7 billion and $5 billion, respectively.

The partnership between SHEIN and Authentic Brands Group is admittedly in its baby steps, likened by Salter to “dating” as both companies continue to build the relationship. Pop-up events have been successful, and the Forever 21 by SHEIN line, though not overwhelming, shows collaborative potential.