From NBC Universal:

Fast-fashion giant Shein has been popping up in malls, including a location at Ontario Mills Mall in Ontario. While its financials are a private matter, its partner suggests its sales are much more than the $30 billion previously reported. Shein filed for a US IPO in 2023 and is taking big steps to expand its reach. The retailer is partnering with Forever 21, seeking to gain a greater foothold in the US market.

One of the retailer’s key partners, Jamie Salter, the founder and CEO of brand management firm Authentic Brands Group, is privy to Shein’s financials due to a partnership inked last summer when Shein acquired a stake in Authentic. Financial details from the company suggest that Shein did around $23 billion in sales in 2022, aiming to grow that number by 40% in 2023. That target would put its sales above $30 billion.

Revenue figures obtained from internal company sources indicate that Shein’s sales have skyrocketed past $30 billion annually, possibly putting them on par with giants Inditex and H&M. Shein’s partnership with Forever 21 is still in the early stages, with pop-up events and a co-branded clothing line, but holds potential to become a significant success in the retail market. CEO David Simon questioned the decision to partner with Shein, but Salter believes it’s the right move to make.



Read more: Shein’s revenue is ‘a lot more’ than $30 billion annually: exec