Shein is set to overtake Zara during the next two or three years, according to GlobalData.
New figures from the data analytics company indicated the retailer brought in over £1.3bn in UK clothes sales in 2023.
Shein currently holds 2.2% of the UK’s £60.3bn clothes market while Zara sits at 2.4%, the research firm reported.
Shein officially became the largest fashion retailer in the world in 2022, despite facing accusations of labour law violations and design theft.
Founded in 2008, the retailer rose to success selling inexpensive clothes and lifestyle items, with more than 2,000 new styles added daily.
In November, Shein announced plans to open a new office in Manchester as it targeted UK expansion.
The site will be the fast fashion company’s second in the UK. It has a London office, which employs roughly 40 workers.
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Earlier this month, it was revealed Shein’s US IPO could be delayed due to Chinese regulator application.
The online fast fashion giant filed with the regulator back in November to comply with new listing rules for local firms, Reuters reports.
However the IPO may be delayed by the decision the Chinese regulator may make, not only due to stricter-than-expected scrutiny from US regulators, but the business also has to go through a lengthy approval process with numerous Chinese regulators.
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