Online fast fashion retailer Shein has reportedly set a significant revenue growth target of $58.5 billion for full-year 2025, compared to $22.7 billion in the year last year.
Should that target be met, annual revenues would be higher than those of retail giants H&M and Zara combined, according to the Financial Times, which released the news after reading a management presentation from the company.
Shein also projects gross merchandise value to increase to $80.6 billion by 2025, up 174 percent year-on-year.
The newspaper added that in order to achieve these goals, the Chinese company will have to significantly change its sales habits, in particular to attract more regular customers and diversify price ranges.
IPO later this year
This comes at a time when Shein is trying to impress investors ahead of its transition to a public company by planning to go public in a big way in the U.S. later this year.
Last month, Shein CEO Chris Xu was reportedly considering a $3 billion round of funding after downplaying the company’s $100 billion valuation. 8 billion euros), which was set in April 2022, to 64 billion US dollars (a good 60 billion euros).
According to the Financial Times, the document goes on to say that the company posted a profit of around $700 million in 2022, down from $1.1 billion euros) in 2021 means.
This translated article originally appeared on FashionUnited.uk.