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Fast-fashion retailer Shein’s profit slumped by almost 40 percent last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.
Net income fell to $1 billion even as sales jumped 19 percent to $38 billion, according to the report. The figures are internal projections before accounts are finalized, one of the people told the newspaper.
Shein doesn’t publish profit guidance, but a 2023 presentation to…
