Chinese fast fashion giant Shein reported combined revenues in excess of €21 billion passing through its Irish subsidiaries last year in newly filed accounts.
Infinite Fashion Ecommerce, which sells into the US, posted a 30 per cent climb in revenues to €11.53 billion last year.
The company, which employed 972 people last year, reported after-tax profits of €73.1 million last year, up from €53.7 million in 2023 after it paid some €14.7 million in corporation tax here.
A separate entity, Infinite Styles Ecommerce, which generates its revenues primarily from European sales, reported turnover of €9.8 billion last year, up by almost 29 per cent on the previous year.
RM Block
After tax, the company reported profits of €137.6 million last year, up by 38 per cent on the previous year.
Infinite Styles Ecommerce employed 254 people in 2024, up from 158 in 2023.
Earlier this week, the European Commission ramped up pressure on the Singapore-based group, saying the online platform might pose a “systemic risk” for consumers and demanding more information from the company after illegal items were found for sale on its marketplace.
[ Shein races to contain sex dolls scandal in FranceOpens in new window ]
An investigation into the online retailer has been co-led by Ireland’s Competition and Consumer Protection Commission, which called on Shein to rectify several practices on its platform that potentially breach EU consumer law earlier this year.
Shein has also been embroiled in a scandal in France since the country’s consumer watchdog found childlike sex dolls and banned weapons for sale on its online marketplace, tainting the launch of its first permanent shop within Paris department store BHV.
“Following the sale of illegal products in France and several public reports, the commission suspects that Shein’s system may pose a systemic risk for consumers across the entire European Union,” the European Commission said, adding it had made a formal request to Shein for more information under the Digital Services Act, an EU law governing online platforms.
A Shein spokesperson said the company had received the request and was working to promptly address it.
Shein has also faced fierce criticism in the US, where legislators have accused it of having a business model that “harvests vast amounts of consumer data” and for “utilising underpaid labour in its supplier factories and violating human rights”.
Shein denies that it uses forced labour in its supply chain.
