Online fast-fashion retailer Shein‘s profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.
Shein
Net profit was down almost 40% at $1 billion in 2024, the report said, citing two people with knowledge of the matter.
Shein’s sales for the full year rose by 19% to $38 billion, the report said, adding that the figures were from internal projections ahead of finalised accounts.
The company does not publish profit guidance but the 2024 figures were far lower than the $4.8 billion in net profit and $45 billion in sales it had projected for 2024, the report added, citing a presentation seen by the newspaper.
Shein did not immediately respond to a request for comment.
Reuters this month reported that Shein was set to cut its valuation in the planned initial public offering (IPO) in London by almost a quarter to about $50 billion. Bloomberg reported last week that Shein was under pressure to cut its valuation as low as $30 billion
The Financial Times has also reported that the London listing could be postponed to the second half of the year after U.S. President Donald Trump moved to end a tax exemption enjoyed by Shein, potentially denting profitability and pushing up its prices in the United States.
In the most recent New York Fashion Week, several platforms assembled multiple designers to introduce their collections.
Despite the substantial collections shown, the latest installment of NYFW done-and-dusted was labeled as lacking the powerhouse punch of ample major brands. The reduction in smaller labels participating in the industry-crucial week was also quite evident.
At an NYFW kickoff event hosted by the CFDA, FashionNetwork.com spoke to several emerging designers choosing to forgo a traditional runway show to debut their new collections. This stance is supported by the media, which recognizes that the cost of throwing such events strains a young business. It can also be seen as a distraction from building the business aspect of a newer label. Since the departure of IMG’s official role during NYFW, which allowed for reasonably priced show locations and production by hosting a central hub, less new talent has shown during NYFW. While often generic, these spaces made it feasible for fresh labels to have fashion shows. Thus far, nothing official has replaced this concept. Still, several initiatives—New York Men’s Day, the House of Arches group show, and WeWearAustralian- prevailed, proving safety in numbers for brands starting off.
A. Potts as part of New York Men’s Day at NYFW – Courtesy
Now in its 23rd season, New York Men’s Day, initiated by Erin Hawker of Agentry PR firm, has given emerging menswear labels a voice during NYFW in a format that allows brands to express their vision in an affordable approach to showing a collection while giving guests flexibility in viewing.
With the help of sponsors such as Sperry, Hawker, and her team organized six brands, positioned as either menswear or genderless, divvied up between two sessions that allow guests to arrive at their convenience to experience the installation-type presentations or repeating mini fashion shows. This most recent lineup included four new brand debuts: Hold NYC, menswear; Joseph McRae, genderless; Max Esmail menswear; Peak Lapel, unisex; and the return of A. Potts, genderless; and Sivan, menswear. Each expressed their wares uniquely in three separate rooms within the Location05 studio space during two 90-minute sessions, each featuring three designers at a time.
Aaron Potts staged a continuous fashion show focused on his signature styles based on core easy shapes: caftans and dashiki-inspired styles, ponchos, and capes, telling fashion network that while 70 percent of his line is unisex, “Women’s has become an important part of the business, the market demanded and we answered,” he told FashionNetwork.com.
Newcomer and former Ralph Lauren men’s designer Holden Akerley debuted his Hold NYC collection with a bevy of snow-sport tropes.
“We love optimistic nostalgia, warmth, happiness, and elevated take on sporty nostalgia. We have mountain ski boys and the chalet boys. It’s Americana with a cooler, queer edge,” he told FashionNetwork.com.
Designer Jack Sivan of Sivan imagined his continental traveling customer at the ‘Hotel Sivan,” which featured three charming lifestyle vignettes ranging from day to evening looks. For each to produce their show, it would have been cost-prohibitive.
Sperry as part of New York Men’s Day at NYFW – Courtesy
“New York Men’s Day has supported emerging designer talent since its inception. Our mission is to support designers who cannot afford to show at the NYFW because showing during fashion week is very cost-prohibitive. We cover 85% of the cost, i.e., the space (and basic supplies), FOH PR efforts, hair and makeup sponsorship, security, etc. Then there are many extras such as a water sponsor, liquor sponsor, etc. It’s been a labor of love for Agentry PR, and we view this as giving back to our communities.”
According to Jonathan Frankel, president of Sperry, the synergy benefits both parties: “Sperry has proudly sponsored New York Men’s Day for many seasons, supporting a platform that celebrates both innovation and heritage in menswear. This event provides a unique opportunity for us to connect with the next generation of fashion designers, showcasing elevated interpretations of our iconic styles in NYMD’s seasonal presentations. As we celebrate 90 years of adventure and craftsmanship in 2025, we remain committed to inspiring new creative voices while staying true to the legacy that defines Sperry.”
McDonald’s Change of Fashion cumulated its year-long mentorship program that supported five up-and-coming independent designers of colors. Each was paired with established designers to help them in their brand-building journey. Closing out NYFW, the group show, which featured designs from Larissa Muehleder of Muehleder; Shareef Mosby of Victim15; Durrell Dupard of Freddie Estelle; Heart Roberts of Hearthrob; and Nia Thomas, was the first time any had held a fashion show.
Nia Thomas as part of the House of Arches group show at New York Fashion Week – House of Arches
For the group, it was a game-changer, as designer Nia Thomas said: “Securing a runway show slot during New York Fashion Week is a strategic imperative for my independent brand, as it allows me to transcend the limitations of traditional marketing channels and amplify my presence among a global audience. By leveraging this high-profile platform, I can effectively bypass the prohibitively expensive costs associated with large-scale marketing events, where the return on investment is often uncertain.”
For the burger giant’s participation, it was about supporting and giving visibility to creatives that are vastly underrepresented in the market.
“For decades, McDonald’s has leveraged its size and scale to invest in and support the diverse communities we serve,” said Tariq Hassan, chief marketing and customer experience Officer at McDonald’s. “The Change of Fashion program builds on that legacy, pushing new boundaries to inspire real change, not only for our five designers but for the fashion industry at large.”
With an entirely different approach, another group that may be daunted by the prospect of showing their collections in New York, Australian-based brands, banded together to have their own presence in NYFW. Founded by Kelly Atkinson and Richard Poulson, the inaugural WeWearAustralian collective supported by Australia Post hosted an immersive NYC pop-up.
The store’s concept brought a bit of the down-under essence to New York, turning the urban space into a “sensory journey’ by blanketing the floor in red earth, a nod to the untamed vastness of the Australian landscape, with tea tree branches weaving throughout and the giving space the space a crisp botanical scent.
The WeWearAustralian group, with Kelly Atkinson pictured fourth from the left, at New York Fashion Week – Madi Atkins
Brands Acler, Bond-Eye, Christian Kimber, Jac + Jack, Mariam Seddiq, Morrison, Ngali, R E L A X Remade, R.M. Williams, Vander Kooij, Viktoria & Woods, and Wah-Wah Australia, most showing in New York for the first time, kicked off the dual-activation event by inviting press and buyers to an in-person preview that was aligned with a digital wholesales showcase for 40 Australian brands via the JOOR Passport Series as part of New York Fashion Week. The following day, the store was open to the public, who had a chance to shop the group’s Spring/Summer 2025 offerings.
“For many participating brands, the cost of showcasing at this scale would have been prohibitive. Fortunately, our partnership with Australia Post made it possible. They provided vital support in bringing these brands to international markets with the opportunity to expand and grow their businesses. This collaboration was a holistic approach, ensuring these brands were both operationally and consumer-ready for their introduction to the USA,” said Atkinson.
The results paid off, according to Atkinson, with one brand tripling their wholesale sales in the U.S. market. Additionally, Atkinson said the digital presence engaged over 1.4 million people, and the foot traffic and direct-to-consumer sales far exceeded the projections.
“We are exploring how to establish #WeWearAustralian in New York City for the long term—building a lasting presence that continues to champion and elevate Australian brands on the international stage,” Atkinson added.
Dior has named Monica Barbaro as its latest brand ambassador, the fashion house announced Friday.
Dior names Monica Barbaro as brand ambassador. – Dior
The rising Hollywood star, fresh off her Academy Award-nominated portrayal of singer-songwriter Joan Baez in “A Complete Unknown”, will represent the women’s fashion collections designed by Maria Grazia Chiuri.
“[Monica] embodies the elegance and audacity of Dior style, a continually reinvented femininity. Under the banner of creativity, this unique alliance celebrates the special ties that unite Dior and culture in all forms more than ever,” the company said in a statement.
Barbaro’s appointment strengthens her connection to LVMH Moët Hennessy Louis Vuitton, having also been named a Bulgari ambassador in July.
The news follows a period of transition at Dior, as Kim Jones, artistic director of Dior Homme, announced earlier this year that he would be stepping down after seven years.
Flavour and fragrance firm Mane Group has named Samantha Mane as its new chief executive officer.
Samantha Mane – Courtesy
Mane succeeds her father, Jean, in the role of chief executive officer, and becomes the first woman to take the helm at the company.
Jean Mane steps down after running the group from 1995 to 2024.
His daughter joined Mane Group in 2006 and has worked under the mentorship of Jean and the group’s senior employees. In her most recent post, Samantha led Mane’s Europe Middle East & Africa region, the group’s largest regional market. “It is with great enthusiasm and pride that I take on this new responsibility today,” said Mane, 40, and is among the five members of the fifth generation of the Mane family, which founded the French company in 1871.
“I’m thrilled to continue this family-run entrepreneurial adventure and to lead a group with such a wealth of human resources and spirit of innovation. Our independence and family ownership have enabled us to have a long-term vision and make bold choices for 154 years. I want to build on the group’s roots, values, creativity and high standards that make us unique, and continue to uphold our commitment to the environment.”