Shein has warned that uncertainty around new US trade tax rules will weigh on profits after taking a hit from rising costs last year.
The online fashion giant’s Singaporean parent company said pre-tax profits decreased to $1.3bn (£970m) in 2024, down from $1.5bn (£1.12bn), due to higher selling and marketing costs.
This was despite a 20% jump in global sales to $37bn (£27.7bn), according to new accounts.
Shein warned that new tariff policies introduced by US president Trump on Chinese imports in April and their “frequent evolution” had “increased the level of uncertainties in the global economy,” The Guardian reported.
It said: “The ongoing evolution of trade policies continues to introduce complexities for businesses that may affect the group’s and the company’s future financial condition and operations.”
Just last week, Trump said he would impose an additional 100% tariff on imports from China from next month.
Shein is thought to have seen trade in the US suffer this year after Trump’s administration closed a loophole allowing products worth under $800 to be imported without certain checks and duty.
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