Online fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.

Fast-fashion retailer Shein’s profit slumped by almost 40% last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.

Fast fashion e-tailer Shein is believed to have seen its group net profit drop by nearly 40 percent to one billion dollars in 2024 amid

Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.

Shein’s profits plunged by more than a third last year in a fresh blow to its highly anticipated flotation on the London Stock Exchange.

Shein's profit decreased by over a third last year, impacting its upcoming London Stock Exchange listing. The online retailer's net profit fell nearly 40% to $1 billion in 2024. Sales rose by 19% to $38 billion but fell short of projections.