Online fashion platform Shein is growing quickly in the United Kingdom. Last year, its revenue reached more than 2.3 billion euros there. Compared to 2023, this was an increase of 32 percent.
It is no surprise that Shein is growing in Europe. The platform is already a worthy competitor in German ecommerce, as well as in France. It has recently released its financial figures for 2024 in the United Kingdom. Its European financial results will follow later this year.
Fashion market is changing in the United Kingdom
In the United Kingdom, Shein reached a revenue of 2 billion British pounds in 2024. This was a lot higher than local online sellers Asos and Boohoo managed to achieve. Their revenues were 1.44 British pounds (1.7 billion euros) and 922 million British pounds (1.07 billion euros), respectively.
It is expected that Shein will generate more revenue than Asos and Boohoo combined in 2025
Early 2024, Asos already announced that its revenue decreased 18 percent in the first half of its fiscal year. The company said that it was implementing changes to compete with competitors like Shein from China. For 2025, it is expected that Shein will generate more revenue than Asos and Boohoo combined.
Mobile shoppers move to other platforms
Additionally, Asos and Boohoo are not the only ones to see negative results in the United Kingdom. According to market research, Amazon lost a million daily mobile shoppers to Shein and Temu. And eBay lost almost two million mobile shoppers.
