Shein’s Revenue Surged More Than 40%, Likely Surpassing Zara

Shein’s revenue surged more than 40% to $24 billion between January and September from a year earlier, people familiar with its finances said, growth that highlights the mounting threat for Amazon as the China-founded retailer looks to expand beyond fast fashion by ramping up sales of other goods like appliances and electronics.

Shein, last valued at $66 billion and backed by investors including Sequoia Capital and General Atlantic, has already eclipsed fast-fashion rival H&M in terms of revenue. While the vast majority of Shein’s revenue still comes from apparel, where the company has maintained a high rate of repeat customers while also attracting new shoppers, it’s hoping to drive further sales growth by signing up outside merchants to sell on its site, putting it in closer competition with Amazon.