Chinese fashion giant Shein generates far in excess of US$30 billion a year, one of its retail partners has revealed.
Though the retailer is unlisted so does not disclose financial reports, chief executive of partner company Authentic Brands Group, Jamie Salter, offered a glimpse into its annual revenue.
“Shein is the fastest growing fashion retailer in the world, if not the biggest fashion retailer in the world,” Jamie Salter said at Orlando’s ICR Conference on Monday.
Discussing the fashion giant’s annual sales revenue, he added: “There’s talks that they do US$30 billion, do they do US$40 billion? Do they do US$35 billion?”
“I’m not going to tell you exactly what they do, but I can tell you they do a lot more than US$30 billion.”
Salter’s Authentic Brands Group penned a deal with Shein last year, under which the pair have sold co-branded clothes featuring the former’s subsidiary Forever 21.
Salter's comments add to speculation over Shein’s accounts after the China-cum-Singapore-based retailer filed to go public in the US last November.
The Wall Street Journal had reported that Shein generated sales worth US$23 billion in 2022, citing sources close to the company.
Shein had reportedly eyed sales growth of 40% for 2023 at the time, which if achieved would have placed the figure above US$30bn - broadly in line with that reported by Zara-owner Inditex and European rival H&M in 2022.