Shein UK has recorded revenue of £1.55bn in 2023, as the firm looks to float on the London Stock Exchange.

The fashion retailer, which is considering a £50bn float on the London Stock Exchange, saw its pre-tax profit increase by over half year-on-year to £24.4m.

Reuters has stated that the Chinese firm’s rapid growth has been fuelled by its low-cost business model, which has "disrupted the budget fashion industry" and has also put pressure on firms including H&M, Asos and Boohoo.

Shein, which is valued at $66bn, is set to hold informal investor meetings in the next few weeks to discuss a London IPO, as it awaits UK regulatory approval.

The Singapore-headquartered firm currently has 33 UK employees, and through customs duty exemptions is allowed to send goods from China to shoppers’ doorsteps largely tariff-free.

Analyst at Shore Capital, Clive Black, told The Guardian the figures showed that Shein remained a "powerful machine" that presented a "real challenge for Boohoo and Asos".

He added: "In the entry-price market, where customers don’t care too much about the supply chain, it’s a fundamental and big part of Asos and Boohoo’s problems."

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