By Jennifer Sieg
Last week it was reported that Mike Ashley’s Frasers Group was in talks to offload its online clothing brand Missguided to Shein. If the deal goes ahead it would be Shein’s first acquisition of a British firm and would further solidify its presence and weight in the Western retail space.
The company made £1.1m of turnover and £12.2m in profit within the 16 months prior to December 2022, the Sunday Times reported. However it had a tax bill of just £2.3m.
“The [UK] sales figure is equivalent to £80m for each of its 14 UK employees,” the Sunday Times said.
“Until recently, it has also saved money by shipping all its goods directly to UK customers’ homes from China, rather than using expensive UK distribution centres,” the report added.
The company’s business model is “changing” according to the Sunday Times as it has recently moved operations into the UK, with newly established warehouse space, and it will employ 50 people in the UK by the end of 2023.
The domicile has also been changed from China to Singapore as the company looks to set up a US stock market float.
Last week it was reported that Mike Ashley’s Frasers Group was in talks to offload its online clothing brand Missguided to Shein. If the deal goes ahead it would be Shein’s first acquisition of a British firm and would further solidify its presence and weight in the Western retail space.
City A.M. contacted Shein for comment.
