Shein Statistics
Shein’s valuation fell from $100B to $45B amid growth, profit changes, ESG scrutiny.
From a $66 billion valuation in 2023 to a reported $45 billion share sale in 2024, Shein’s meteoric rise and turbulent reinvention is a fast-fashion story measured in downloads, profits, and pressure points all at once.
Written byFlorian FelsingCTO, Rawshot.ai
Executive Summary
Key Takeaways
Shein’s valuation fell from $100B to $45B amid growth, profit changes, ESG scrutiny.
Shein was valued at $66 billion in its May 2023 funding round
Shein’s valuation in the 2023 funding round was about one-third lower than its prior $100 billion valuation
Shein was valued at as much as $100 billion in a 2022 fundraising round
Shein was the most downloaded shopping app in the world in 2023 with 261 million downloads
Shein had 235 million app downloads in 2022
Shein had 190 million app downloads in 2021
Shein’s private-label business model includes about 6,000 third-party contract manufacturers in China
Shein’s network includes roughly 5,800 contract manufacturers
Shein’s supplier network was centred around Guangzhou in southern China
Shein had 88.8 million monthly active users and 261 million downloads in 2023
Shein was the world’s largest fashion retailer by units sold in 2022
Shein overtook Amazon as the most downloaded shopping app in the U.S. in 2021
Swiss advocacy group Public Eye found some Shein suppliers’ employees working up to 75 hours a week
Public Eye said some workers at Shein suppliers had only 1 day off per month
Shein said 83% of suppliers audited in 2022 had no cases of child or forced labour
Section 01
App & Digital Reach
Shein was the most downloaded shopping app in the world in 2023 with 261 million downloads [1]
Shein had 235 million app downloads in 2022 [1]
Shein had 190 million app downloads in 2021 [1]
Shein had 81 million app downloads in 2020 [1]
Shein had 46 million app downloads in 2019 [1]
Shein’s app monthly active users reached 88.8 million in 2023 [1]
Shein’s app monthly active users were 74.7 million in 2022 [1]
Shein’s app monthly active users were 43.7 million in 2021 [1]
Shein’s app monthly active users were 22.4 million in 2020 [1]
Shein’s app monthly active users were 13.7 million in 2019 [1]
Shein had 13.7 million monthly active users in 2019 and 88.8 million in 2023 [1]
Shein’s website recorded 181.7 million visits in January 2024 [2]
Shein’s website recorded 189.4 million visits in February 2024 [2]
Shein’s website recorded 175.5 million visits in March 2024 [2]
Shein’s website recorded 177.7 million visits in April 2024 [2]
Shein’s website recorded 187.1 million visits in May 2024 [2]
Shein’s average visit duration was 8 minutes 26 seconds in May 2024 [2]
Shein’s pages per visit were 9.27 in May 2024 [2]
Shein’s bounce rate was 37.59% in May 2024 [2]
Shein had 28.38% direct traffic share in May 2024 [3]
Shein had 35.40% search traffic share in May 2024 [3]
Shein had 3.38% social traffic share in May 2024 [3]
Shein had 31.48% paid traffic share in May 2024 [3]
Shein had 0.60% mail traffic share in May 2024 [3]
Shein had 0.76% display traffic share in May 2024 [3]
Shein’s app was downloaded more than 150 million times in 2021 [4]
Shein was the most downloaded shopping app in the U.S. in 2021 with over 24 million installs [4]
Shein’s U.S. downloads in 2021 grew 70% year over year [4]
Shein users opened the app 6.7 times per month on average in 2021 [4]
Shein users spent 7.2 minutes per app session on average in 2021 [4]
Shein’s daily active users increased 68% in the U.S. in 2021 [4]
Section 02
Compliance, Legal & ESG
Swiss advocacy group Public Eye found some Shein suppliers’ employees working up to 75 hours a week [5]
Public Eye said some workers at Shein suppliers had only 1 day off per month [5]
Shein said 83% of suppliers audited in 2022 had no cases of child or forced labour [5]
Shein said 12% of audited suppliers failed to meet working hours regulations in 2021 [5]
Shein said 1.8% of audited suppliers had severe violations in 2021 [5]
Shein said severe supplier violations rose to 1.3% in 2022 from 0.9% in 2021 in one category [6]
Shein found two cases of child labour at suppliers in 2023 [6]
Shein found two cases of child labour at suppliers in 2024 [6]
The U.S. House report said Shein likely shipped nearly all U.S. products under the de minimis threshold of $800 [7]
Three independent designers sued Shein under RICO in July 2023 [8]
Shein agreed to pay $1.9 million to New York state for failing to notify customers promptly enough of a 2018 data breach [9]
The 2018 Shein data breach exposed 39 million customer accounts [9]
Shein waited nearly four years to notify affected New Yorkers of the 2018 breach [9]
Shein was sued by H&M in Hong Kong in 2021 over copyright infringement [8]
Uniqlo sued Shein in 2024 over a shoulder bag that sold for about $7 [10]
Uniqlo’s original round mini shoulder bag retails for 1,500 yen [10]
The Shein copy of Uniqlo’s bag sold for 299 baht in Thailand [10]
Shein’s supply chain ESG report stated it performed 3,990 supplier audits in 2023 [11]
Shein reported that 92% of terminated suppliers in 2023 were removed for unauthorised subcontracting [11]
Shein said 2.1% of supplier audits in 2023 found zero-tolerance violations [11]
Shein said 98.5% of cotton used in SHEIN-branded products in 2023 was sourced from approved regions [11]
Shein stated that 100% of polyester and recycled polyester in its branded products was traceable to fabric mills in 2023 [11]
Shein said it invested $580,000 in supplier community empowerment programs in 2023 [11]
Shein reported 56,317 participants in supplier training programs in 2023 [11]
Shein said it reduced sample production waste by 11.9% in 2023 through digital tools [11]
Shein reported 31.8% recycled polyester use in apparel packaging bags in 2023 [11]
Shein said 76.1% of packaging bags for its branded products contained recycled materials in 2023 [11]
A Greenpeace Germany investigation found 15% of tested Shein products exceeded EU chemical limits [12]
Section 03
Market Presence & Customers
Shein had 88.8 million monthly active users and 261 million downloads in 2023 [1]
Shein was the world’s largest fashion retailer by units sold in 2022 [13]
Shein overtook Amazon as the most downloaded shopping app in the U.S. in 2021 [4]
Shein was the second-most-mentioned brand on TikTok in 2022 [1]
Shein had 8.8 million Instagram followers in 2024 on its main account [14]
Shein had more than 250 million followers across social media according to one industry estimate [1]
Shein reached customers in more than 150 countries [15]
Shein shipped to over 220 countries and regions according to one company profile [1]
Shein’s share of U.S. fast-fashion sales rose from 18% in January 2020 to more than 50% in 2022 [13]
Shein surpassed Zara and H&M in U.S. fast-fashion sales share by 2022 [13]
Shein was responsible for about 1 in 5 fast-fashion purchases by Gen Z consumers in the U.S. in one survey [16]
44% of teen girls surveyed had purchased from Shein in a Piper Sandler report [17]
Shein ranked No. 1 among upper-income female teens for fashion shopping in Piper Sandler’s fall 2022 survey [17]
Shein ranked No. 1 among female teens overall for apparel in Piper Sandler’s fall 2022 survey [17]
Shein represented 28% of spending among female teen shoppers in one Piper Sandler survey slice [17]
Shein’s average U.S. customer is 35 years old according to one consumer analysis [1]
69% of Shein customers in the U.S. are women according to one estimate [1]
41% of Shein’s U.S. customers are aged 18 to 24 according to one estimate [1]
Shein’s net sales increased 250% from 2019 to 2022 in one market analysis [15]
Shein became the largest apparel retailer in the U.S. among Gen Z consumers in 2022 [16]
28% of U.S. teens named Shein as their favorite e-commerce website in a 2023 survey [18]
Shein and Temu together accounted for more than 30% of all packages shipped daily to the U.S. under the de minimis rule [7]
More than 1 million packages a day entered the U.S. under de minimis from Shein and Temu combined [7]
The de minimis threshold for U.S. duty-free shipments is $800 [7]
Shein and Temu likely accounted for nearly half of all fast-fashion parcel volume in the U.S. in 2024 [19]
Shein generated 28% of annual trips growth in U.S. apparel shopping from 2019 to 2023 in one traffic analysis [20]
Shein’s U.S. store traffic increased 307% between 2019 and 2023 in one Placer.ai analysis [20]
Shein’s average monthly U.S. visits were up 23.3% year over year in one web traffic analysis [20]
Shein remained ahead of Temu in global monthly website visits through May 2024 [2]
Shein’s brand awareness among U.S. teens reached 88% in one survey [18]
Section 04
Operations & Supply Chain
Shein’s private-label business model includes about 6,000 third-party contract manufacturers in China [21]
Shein’s network includes roughly 5,800 contract manufacturers [8]
Shein’s supplier network was centred around Guangzhou in southern China [22]
Shein added 540,000 new items on its U.S. site between January and September 2022 [13]
Zara added 35,000 new items on its U.S. site between January and September 2022 [13]
H&M added 25,000 new items on its U.S. site between January and September 2022 [13]
Boohoo added 9,000 new items on its U.S. site between January and September 2022 [13]
Shein can begin manufacturing with runs as small as 100 items [13]
Shein reduced production lead times from months to days [13]
Some Shein garment listings have prices as low as $2 [13]
Shein had over 10,000 employees in 2021 [1]
Shein had more than 11,000 employees globally in 2023 [15]
Shein launched an integrated resale platform in the U.S. in 2022 [23]
Shein Exchange was initially launched in the U.S. only [23]
Shein’s resale marketplace was intended to let consumers buy and sell secondhand Shein products [23]
Shein’s marketplace model added third-party sellers alongside its own products in 2023 [21]
Shein announced plans to expand production in Brazil by 85% over four years [24]
Shein said it would invest 750 million reais in Brazil [24]
Shein said its Brazil investment was worth about $148 million [24]
Shein said the Brazil expansion would create 100,000 indirect jobs [24]
Shein said 85% of its sales in Brazil would be produced locally within four years [24]
Shein allocated $70 million to projects including deadstock fabric reduction [23]
Shein pledged $50 million to the Or Foundation over multiple years [25]
Shein’s pledge to the Or Foundation is spread over three years [25]
Shein opened a distribution centre in southern Poland in 2021 [25]
Shein opened a distribution centre in the U.S. state of Illinois in 2022 [25]
Shein opened a distribution centre in southern California in 2023 [25]
Shein launched pop-up shops in several cities including New York and Los Angeles in 2018 [15]
Section 05
Product & Pricing
Marketplace Pulse estimated Shein had 26.7 million products listed on its U.S. storefront in July 2024 [26]
Temu had 20.7 million products listed on its U.S. storefront in July 2024 [26]
Amazon had 353 million products listed on its U.S. storefront in July 2024 [26]
Walmart had 70 million products listed on its U.S. storefront in July 2024 [26]
Shein listed about 600,000 items for sale at any given time in 2022 according to one estimate [13]
Shein adds as many as 10,000 new items a day according to one estimate [15]
Shein’s average dress price was $28 in one product comparison [1]
Zara’s average dress price was $79 in the same comparison [1]
H&M’s average dress price was $40 in the same comparison [1]
Boohoo’s average dress price was $35 in the same comparison [1]
Shein’s average top price was $13 in one comparison [1]
Zara’s average top price was $34 in the same comparison [1]
H&M’s average top price was $17 in the same comparison [1]
Boohoo’s average top price was $21 in the same comparison [1]
Shein’s average swimsuit price was $9 in one comparison [1]
Zara’s average swimsuit price was $30 in the same comparison [1]
H&M’s average swimsuit price was $22 in the same comparison [1]
Boohoo’s average swimsuit price was $15 in the same comparison [1]
Shein’s average jeans price was $22 in one comparison [1]
Zara’s average jeans price was $50 in the same comparison [1]
H&M’s average jeans price was $31 in the same comparison [1]
Boohoo’s average jeans price was $31 in the same comparison [1]
Shein’s average sneaker price was $34 in one comparison [1]
Zara’s average sneaker price was $74 in the same comparison [1]
H&M’s average sneaker price was $35 in the same comparison [1]
Boohoo’s average sneaker price was $38 in the same comparison [1]
Shein can price some products below $5 because of its small-batch test-and-repeat model [13]
Shein’s U.S. site added roughly 1,800 new items per day between January and September 2022 [13]
Shein launched a marketplace with brands including Skechers and Forever 21 in 2023 [21]
Shein’s copycat Uniqlo bag sold for about $7 [10]
Shein’s listing volume of 26.7 million products in July 2024 was about 38% of Walmart’s 70 million [26]
Shein’s listing volume of 26.7 million products in July 2024 was about 7.6% of Amazon’s 353 million [26]
Section 06
Valuation & Funding
Shein was valued at $66 billion in its May 2023 funding round [27]
Shein’s valuation in the 2023 funding round was about one-third lower than its prior $100 billion valuation [27]
Shein was valued at as much as $100 billion in a 2022 fundraising round [27]
Shein was valued at $45 billion in a 2024 share sale [28]
Shein sought a valuation of around $90 billion in a potential London IPO [29]
Shein’s latest private valuation was about $66 billion [27]
In 2022, Shein was the world’s largest fast-fashion retailer by sales [30]
Shein’s net profit dropped by almost 40% in 2023 [31]
Shein generated more than $2 billion in net profit in 2023 [31]
Shein’s 2023 revenue was about $45 billion [30]
Shein’s 2022 revenue was about $23 billion [32]
Shein’s 2022 net profit was about $700 million [32]
Shein’s 2023 adjusted profit reached $4.5 billion [32]
Shein’s 2023 net profit was more than $2 billion [32]
Shein’s revenue rose to $32.5 billion in 2023 according to one investor presentation [31]
Shein’s 2023 net profit in one investor presentation was $2 billion [31]
Shein’s 2023 profit margin was 6% [31]
Shein’s expected 2024 earnings before interest, taxes, depreciation and amortisation were about $4.8 billion [31]
Existing investors sold nearly a third of their Shein shares in a 2024 secondary sale [28]
The secondary sale that valued Shein at $45 billion occurred in 2024 [28]
Shein confidentially filed for a U.S. IPO in November 2023 [33]
Shein’s 2022 valuation exceeded the combined market capitalisations of Zara owner Inditex and H&M at the time [27]
Shein’s valuation fell 55% from $100 billion to $45 billion between 2022 and 2024 [28]
Shein’s valuation dropped by $21 billion from $66 billion in 2023 to $45 billion in 2024 [28]
Shein moved its headquarters from China to Singapore in 2022 [22]
Shein was founded in Nanjing, China, in 2012 [15]
Shein’s founder Chris Xu was born in 1984 [34]
Chris Xu owns an estimated 37% stake in Shein [34]
Chris Xu’s net worth was estimated at $10.7 billion by Forbes [34]
Shein raised $2 billion in a funding round in April 2022 [35]
References
Footnotes
- 1businessofapps.com
- 2similarweb.com×2
- 4newsroom.apptopia.com
- 5reuters.com×15
- 9ag.ny.gov
- 11sheingroup.com
- 12greenpeace.de
- 13bloomberg.com×2
- 14instagram.com
- 15britannica.com
- 16businessinsider.com
- 17cnbc.com
- 18insiderintelligence.com
- 19ft.com×2
- 20retaildive.com
- 26marketplacepulse.com
- 30businessoffashion.com
- 34forbes.com
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