Fast-fashion retailer presents ‘real challenge for Boohoo and Asos’ as it considers £50bn IPO, says analyst

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Shein, the online fast-fashion retailer founded in China, doubled profits at its UK arm last year as sales jumped nearly 40% to £1.5bn – making it about the same size as its rival Boohoo.

The company, which is considering a £50bn float on the London Stock Exchange, said pre-tax profits at Shein Distribution UK rose to £24.4m, on which it paid £5.7m in income tax, according to accounts filed at Companies House.