- Shein’s parent company, Roadget Business, quadrupled revenue to $21.6 billion in 2022.
- The fashion retailer expanded into Southeast Asia and made key acquisitions.
- Shein, valued at $66 billion, plans to go public in London despite controversies.
China-founded Shein experienced a surge in popularity during the Covid-19 pandemic, as customers turned to online shopping for affordable clothing.
Roadget Business, generated $21.6 billion in revenue in 2022, a fourfold increase from the previous year.
Shein’s Southeast Asian takeover
Shein rapidly expanded into key Southeast Asian markets, including Singapore, Thailand, Malaysia, and the Philippines in 2022.
They invested in offline events, such as pop-up stores, and strengthened its regional delivery network to support its growth.
Roadget Business ended 2022 with $2.26 billion in net cash from operations and $3 billion in cash and cash equivalents.
The company acquired a one-third stake in US-based Sparc Group, parent of Forever 21, and UK-based women’s fashion brand Missguided, expanding its offline presence and online catalog.
The Great British IPO bake-off
Shein, last valued at $66 billion, has reportedly filed for an IPO in London amid tensions between the US and China.
Shein is setting aside “millions of pounds” to bolster compliance and governance across its supply chain, as it faces scrutiny from UK parliament members.
However, the Labour Party, expected to gain power in the UK elections, has expressed support for Shein’s potential to raise investment, productivity, and growth.
To read the original article: https://www.techinasia.com/shein-2022-earnings
