Fast-fashion retailer Shein’s profit slumped by almost 40% last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.

Online fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.

Shein’s profits dropped by more than a third last year, adding to the fast fashion group’s challenges ahead of a long-planned flotation that would be one of the biggest on the London stock exchange this decade.