A surge in sales for Shein, the Chinese-owned fast-fashion giant, has intensified scrutiny over a UK trade exemption allowing cheap imports to enter duty-free. The retailer’s UK division reported a 26% sales increase last year, surpassing British competitor Asos and reaching nearly £2.6 billion, according to newly filed financial records. The growth has reignited debates over whether the exemption, which benefits low-cost online retailers, is sustainable amid concerns about market fairness and economic impact. With its parent company valued at over $26 billion, Shein’s expansion raises questions about the long-term effects on domestic retailers and consumer spending.
Online retailer’s 26% jump sharpens focus on exemption letting cheap parcels into the country duty-free Shein, the online fast-fashion retailer founded in China, increased sales in the UK by just over a quarter last year, overtaking British rival Asos.The company, whose global parent group listed on the Hong Kong stock exchange and valued at just over $26bn (£19.6bn) last month, increased sales at its UK division by 26% to £2.58bn, according to accounts filed at Companies House. Continue reading...
