Shein is, by some measures, the largest online only fashion company, which may be a surprise to those who have never heard of the app.
Originally a portal to buy wedding dresses, Shein branched out into general womenswear in the early 2010s and to all types of fashion by the mid-2010s, although the vast majority of its customers are still women.
It is now the leader of a new generation of fast fashion that puts Zara and H&M to shame, producing thousands of new items to match the current trends every week. On an average day, Shein adds 2,000 new items to its store.
Shein has also captured the social media age better than any other fashion company, using Facebook, Instagram, Pinterest and TikTok intuitively to promote their products and partnering with hundreds of influencers on well thought-out promotional campaigns.
Like a lot of Chinese-based apps, Shein is full of promotions and offers to entice the customer to spend and return to spend more. It’s almost mandatory to receive at least three promotions on your first time using the app.
With such a large online footprint, it is somewhat surprising that the corporate side of the company is so secretive. Not much is known about the founder, Chris Xu, other than he was an SEO specialist and graduated from Qingdao University.
Shein partners with hundreds of clothing manufacturers in Guangzhou, China to make its items at such a fast rate. It has its own ordering and processing system, which manufacturers have to use to work with Shein, which ensures almost all of the items meet the company’s standard.
Unlike a lot of Chinese-based manufacturers, Shein is only focused on the international market, and does not sell in China.
At the start, Shein managed to draw in manufacturers simply by paying on time. In the early 2010s, there was a high rate of late or no payments in the Chinese manufacturing industry, and Shein gained a reputation for being very punctual in their payments.
In the past five years, Shein has seen its valuation skyrocket, as it broke into the US and European market. It went from a $5 billion valuation in 2019 to $100 billion in early 2022, although that has since declined to $64 billion in 2023.
We have collected data and statistics on Shein. Read on below to find out more. Need more insights? Check out our retail app report.
Shein Key Statistics
- Shein generated an estimated $32.5 billion in 2023, a 43% increase on the $22.7 billion it made in 2022
- It has an estimated 88.8 million active shoppers, 17.3 million are based in the US
- Shein was downloaded 238 million times in 2023, making it the the most downloaded fashion app of that year
- It was recently valued at $68 billion ahead of a potential 2024 IPO
Retail App Report 2024
Want to learn more about the retail app industry? In our Retail App report, we cover financials, market share, usage, downloads and demographics, with regional and country level breakdowns.
Shein Overview
| Title | Title 2 |
|---|---|
| Launch date | March 2008 |
| HQ | Nanjing, China |
| People | Chris Xu (founder, CEO), Quist Huang (director, employee experience) |
| Business type | Private |
| Industry | Shopping |
Shein Revenue
Shein continues to grow at a rapid rate, surpassing H&M revenue in 2023 and likely to pass Inditex (Zara brands) in 2024.
Shein revenue 2016 to 2023 ($bn)
| Year | Revenue ($bn) |
|---|---|
| 2016 | 0.61 |
| 2017 | 1.55 |
| 2018 | 1.99 |
| 2019 | 3.15 |
| 2020 | 9.81 |
| 2021 | 15.7 |
| 2022 | 22.7 |
| 2023 | 32.5 |
Sources: Daxue Consulting, Forbes, FT
Shein Net Income
Shein made $2 billion net income in 2023, a 185% increase on the previous year.
Shein net income 2021 to 2023 ($mm)
| Year | Net income ($mm) |
|---|---|
| 2021 | 1100 |
| 2022 | 700 |
| 2023 | 2000 |
Source: FT
Shein Users
Shein’s early growth came primarily from India and Saudi Arabia, but in the past two years the Brazil, Mexico and the U.S. have been its largest markets.
Shein users 2017 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 2.8 |
| 2018 | 4.8 |
| 2019 | 5.6 |
| 2020 | 15.5 |
| 2021 | 43.7 |
| 2022 | 74.7 |
| 2023 | 88.8 |
Source: Estimate based on Airnow data and AppMagic downloads data
Shein US users
The US is Shein’s second largest market by total usage (behind Brazil) and its largest by revenue.
Shein users in the United States 2017 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2017 | 0.49 |
| 2018 | 0.67 |
| 2019 | 1.12 |
| 2020 | 2.8 |
| 2021 | 7.5 |
| 2022 | 13.7 |
| 2023 | 17.3 |
Source: Airnow via Daxue Consulting
Shein Downloads
Shein was the most downloaded fashion shopping app in 2023 and the second most downloaded shopping app, behind Temu.
Shein downloads 2018 to 2023 (mm)
| Year | Downloads (mm) |
|---|---|
| 2018 | 48.4 |
| 2019 | 57.2 |
| 2020 | 103.1 |
| 2021 | 157.1 |
| 2022 | 200 |
| 2023 | 238 |
Source: Appfigures
Shein Valuation
Shein’s rumoured pre-IPO valuation was less than its previous funding valuation. It is expected to IPO in 2024.
Shein valuation 2019 to 2023 ($bn)
| Year | Valuation ($bn) |
|---|---|
| 2019 | 5 |
| 2020 | 15 |
| 2021 | 47 |
| 2022 | 100 |
| 2023 | 64 |
Source: FT
Shein vs Competitors: Online Revenue
Shein is ahead of all other fashion competitors when it comes to online sales.
Fashion revenue by app 2023 ($bn)
Want to learn more? Check out our Retail App Report
Shein FAQ
How many items are added to Shein everyday?
Shein added on average 2,000 SKUs (stock keeping unit) every day in 2021
How many countries does Shein operate in?
Shein operates in 150 countries, but even though all of its manufacturing happens in China, it does not sell in its home market
How many people does Shein employ?
Shein employs 16,000 people worldwide in 20 countries
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