Customers hold shopping bags outside the Shein Tokyo showroom in Tokyo, Nov. 13, 2022.
Noriko Hayashi | Bloomberg | Getty Images
Shein notched its highest profit ever during the first half of this year, the company told investors in a letter, as rumors swirl over whether the fast-fashion juggernaut will file for a U.S. initial public offering.
The missive Wednesday from Executive Vice Chairman Donald Tang, which was obtained by CNBC, noted sales volume growth accelerated and profits improved during the first half of 2023 compared with the latter half of 2022.
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“We recorded the highest first half net profit in the company’s history, compared to a near break-even during the same period in 2022,” Tang wrote in the letter. “In particular, our continued momentum in the U.S. reinforces our leading position in the market.”
The company, which was founded in China and is now based in Singapore, has used its wide selection of low-priced dresses, crop tops and jeans to win…
2023-07-28 13:40:42
Article from www.cnbc.com