Shein, the online retail giant founded in China, has officially overtaken its British competitor Asos in the UK market. According to recent filings at Companies House, Shein’s UK division recorded a 26% increase in sales, bringing its total revenue to £2.58 billion for the last year. This growth trajectory coincides with the company’s parent group listing on the Hong Kong stock exchange, where it achieved a valuation of approximately $26 billion (£19.6 billion).

Financial performance for the UK arm remains strong, with pre-tax profits climbing 18% to £45.2 million. The company’s operational footprint in the UK has also expanded, with staff numbers increasing from 91 to 113, primarily within the sales and marketing departments. Regarding tax contributions, the company reported a payment of £11.2 million in current tax. While the report highlights Shein's rapid expansion and financial success, it marks a significant shift in the competitive landscape of the UK fast-fashion sector, where established domestic brands like Asos are increasingly losing market share to international, digital-first competitors.