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.

As a private company, Shein does not publish profit guidance but the 2024 figures were far lower than the $4.8bn in net profit and $45bn in sales the company had projected for 2024 in a presentation to investors in early in 2023, which was seen by the FT. Shein did not respond to a request for comment.

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 sales for the full year rose by 19% to $38 billion, the report said, adding that the figures were from internal projections ahead of finalised accounts.