Online fashion giant Shein has more than doubled its profits as it considers a possible listing in New York or London.

Shein electronic billboard

Shein’s profits in 2023 reached $2bn (£1.6bn) and gross merchandise value came in at $45bn (£36bn), the Financial Times reported.

That is more than the net profits generated by competitors such as H&M and Primark, though behind those made by Spanish powerhouse Inditex, which owns chains including Zara.

Shein bosses are considering a listing in the US or UK following exponential growth in the last few years. The retailer’s low prices and plethora of styles have proved popular with younger shoppers, though it has also been embroiled in controversies over issues such as sustainability and ethics.

The business has been valued at as much as $60bn (£49bn) and is thought to favour an IPO in New York. However, it has faced opposition from US politicians who have pressed for enhanced disclosures from Shein because of its connections to China.

While Shein is thought to have submitted documents in confidence for a Wall Street listing, it is thought to have heard little subsequently and has been looking at London as an alternative.

It was reported that the retailer held talks in February with UK chancellor Jeremy Hunt when the possible flotation was discussed. If an IPO goes ahead, it would be one of the biggest in many years.