FAST FASHION
Loose threads
FASHION retailer Shein, which chancellor Rachel Reeves is desperate to get to list on the London Stock Exchange (see last
Eye
), benefits not just from dubious sourcing practices and an import-duty tax break intended for much smaller businesses, but also pitifully low corporate tax payments.
The last published results for the group’s British arm, Shein Distribution UK Ltd, show that in 2023 it turned over £1.55bn, a 38 percent increase on the previous year, as Gen Z in particular fell for its low-cost clobber. But this translated into pre-tax profits of just £24.2m, or a 1.6 percent margin.