Shein Revenue and Usage Statistics (2023) (2024)

FAQs

How many people use Shein 2023? ›

Shein has more than 74.7 million active shoppers, with 13.7 million solely from the US.

Specifically, Shein targets its annual revenue to reach US$58.5 billion in 2025, which means doubling its 2022 revenue of US$22.7 billion. The company also expects that its gross merchandise value will amount to US$80.6 billion in 2025 – up 174% from 2022 – with a profit target of US$7.5 billion.

Estimations revealed that the fast fashion giant Shein generated an annual revenue of 15.7 billion U.S. dollars in 2021. This is a significant increase since 2016, when the company supposedly reached a revenue of 600 million U.S. dollars.

In 2022, Shein was worth more than H&M and Zara combined

In another fundraising round earlier this year, Shein's valuation dipped to $66 billion, the Wall Street Journal reported. The company generated $23 billion in revenue last year, the Journal said.

Shein is an international success story. The online retailer now sells in more than 150 countries with the US its largest market – accounting for between 35 and 40% of sales, according to The Economist – followed by Europe.

Meanwhile, Shein's projected 13% profit margin dwarfs that of web retailers like China's JD.com (9618.HK). Rising costs and new competition make that a stretch. The $118 billion PDD (PDD. O) recently rolled out its Temu shopping service; it is now the most downloaded app in the United States.

However, the work hours aren't the only issue hiding behind Shein's walls. In the factories that were investigated, Shein workers only earned a base salary of approximately $556 per month. In return, they worked 18-plus hour days to make 500 or more articles of Shein clothing for women.

If true, the listing could be the largest offering in more than a year and make Shein's mysterious founder, Chris Xu (Xu Yangtian), the richest person in China. The IPO could finalize as soon as this year, according to Reuters.

Shein's CEO, Molly Miao has stated that each item is produced only in small numbers, between 50-100 pieces a day, before it becomes popular and is then mass-produced.

Popularity in the States and beyond

In the U.S., Shein is the biggest fast fashion retailer and the second-biggest online apparel retailer, only trailing behind Macy's in e-commerce net sales.

Is Shein still unethical 2023? ›

In summary, there's no evidence of living wages, ethical or safe working conditions, absence of bonded labour, or collective bargaining. In fact, at such low prices, exploitation is a surefire guarantee.

In December 2022, global visitors to the shein.com website were most likely aged 25 to 34 years old, with nearly 30 percent of visitors to the site being from this age group. Ranked second were 18 to 24 year olds, who made up just over 27 percent of shein.com website traffic.

After years of explosive growth, Shein's sales have slowed down dramatically. NPR's Ailsa Chang speaks with Business of Fashion reporter Cathaleen Chen about what's next for the fast fashion retailer.

With the rise of ecommerce, it's only natural that the number of online shoppers worldwide rises along with it. As it stands in 2023, the number of digital buyers is at 2.64 billion. This makes up 33.3% of the population worldwide.

As one of the top online shopping categories among consumers, it should come as no surprise that the US fashion industry size is huge. In fact, it's currently valued at hundreds of billions of dollars. Recent estimates show that total sales figures for 2023 are forecast at $494.89 billion.

Shein can be good quality for the price but they are generally not high quality pieces. Most of what I've ordered is similar in quality to what you'd get at stores like Forever21. Some pieces are closer to Target or Old Navy quality.

SheIn isn't accredited by the Better Business Bureau (BBB).

SheIn has a customer rating of 1.46/5. 1,222 customer complaints were closed in the last three years. 206 complaints were closed in the last 12 months.