Little is publicly known about Shein’s financials, but a key partner of the fast fashion company Jamie Salter, CEO of Authentic Brands Group, suggested on Monday that Shein’s sales surpass the reported annual figure of $30 billion. Speaking at the ICR Conference in Orlando, Salter referred to Shein as the fastest-growing fashion retailer globally and potentially the largest. While there is speculation about the company’s annual revenue, Salter did not disclose a specific figure but indicated that Shein’s sales are “a lot more” than $30 billion.
Shein, being a private company, does not publicly disclose its financial information. However, the company recently filed for an initial public offering (IPO) in the U.S., which could lead to increased transparency about its financial performance. The confidential filing comes after Shein experienced rapid growth and worked to address concerns raised by lawmakers about its business practices.
Jamie Salter, having partnered with Shein through a deal last summer, has insights into the company’s financials. As part of the agreement, Shein acquired approximately a third of Sparc Group, a joint venture that includes Authentic Brands Group and Simon Property Group, with Sparc holding a minority stake in Shein. the fast fashion company
Sparc is the operator of Forever 21, which Authentic owns. As part of the partnership, Shein has begun selling a co-branded clothing line with Forever 21 and hosting pop-up events at the retailer’s many mall stores.