Shein is world’s largest apparel retailer in 2023: GlobalData


The retailer’s gross merchandise value soared to approximately $45b last year.

Shein has solidified its position as the leading apparel retailer worldwide, according to a report by GlobalData.

Louise Deglise-Favre, apparel analyst at GlobalData, said Shein's gross merchandise value soared to approximately $45b in 2023, a significant leap from $30b in the previous year, and its profits also more than doubled to $2b.

“GlobalData now expects Shein to have overtaken Zara to become the world’s largest apparel retailer in 2023, which is even more impressive considering it has no presence in its lucrative home market of China,” she said.

“The retailer’s strength partially resides in its ability to release thousands of new items daily, ensuring it responds to trends in record time,” Favre pointed out.

Additionally, Shein has capitalised on the immense power of social media, leveraging influencer marketing and user-generated content to resonate with Gen Z shoppers.

The retailer’s expansion into third-party brands and diversified product categories has also boosted its appeal as a shopping destination.

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“Whilst Shein’s IPO location has yet to be determined, it will likely be the largest IPO of 2024,” the apparel analyst noted.

“Becoming a public company will force Shein to be more transparent about its finances, operations, and supply chain practices, the latter of which will prove challenging for the retailer following the many criticisms against its ethical standards,” Favre said.

Additionally, she anticipated a potential slowdown in Shein's growth as it solidifies its position and contends with escalating competition from rapidly emerging Chinese rivals like Temu, Cider, and Rihoas.