Shein is a global online fashion and lifestyle company that served approximately 273 million active customers across around 160 markets during 2025.
According to Zhitong Finance, SHEIN International Holdings Limited (formerly known as Huicui Limited), referred to as “SHEIN,” has passed the Hong Kong Stock Exchange (HKEX) Main Board listing hearing, as disclosed by HKEX on July 26. Goldman Sachs, Morgan Stanley, and J.P. Morgan are its joint sponsors. Based on retail sales in 2025, the company is the world’s largest online fashion destination and one of the top five global apparel and footwear companies.
According to the prospectus, SHEIN is a global online fashion and lifestyle company that served approximately 273 million active customers across around 160 markets in 2025. By offering a wide variety of highly inclusive, rapidly refreshed, and value-driven products, the company meets diverse consumer demands and has redefined how consumers engage with fashion. It empowers customers to embrace trend-driven lifestyles and express their individuality.
The company pioneered its proprietary operational model, 'Large-scale Automated Trial-and-repeat' (LATR), which represents the ultimate solution to the industry’s long-standing 'trilemma.' This model enables the company to achieve an optimal balance among product assortment diversity, speed of design refreshes, and inventory management efficiency. The company maintains a global network of partners and, by making its supply chain more agile, resilient, and robust, empowers these partners to grow and succeed alongside the company.
SHEIN began its journey with its flagship brand SHEIN and has since expanded into a portfolio of owned brands covering a broader range of price points, distinctive styles, and product categories. To enrich its fashion offerings, the company has established close partnerships with numerous brands and designers through the SHEIN Xcelerator program, leveraging its infrastructure to drive their profitable growth. Some of these brands possess strong brand appeal and customer recognition but face operational challenges and supply chain bottlenecks. Others are smaller, early-stage players with ambitious brand visions yet lack the specialized expertise and resources required for effective scaling. Empowered by the company’s proprietary infrastructure, these brands and designers can fully realize their potential and translate limitless creativity into reality with speed and certainty.
Financially, for the fiscal years ended December 31, 2023, 2024, and 2025, and for the three months ended March 31, 2026, the company generated total net revenues of approximately RMB 32.103 billion, RMB 38.748 billion, RMB 41.847 billion, and RMB 9.052 billion, respectively. During the same periods, it recorded net profit/(loss) of approximately RMB 2.789 billion, RMB 3.365 billion, RMB 2.064 billion, and RMB (0.99) billion, respectively.
