Chinese online fashion retailer, Shein, has seen profits more than double over the last year.

Sales reached £36 billion last year, as profits hit £1.6bn, up from £554m in 2022, as reported by This is Money.

The retailer, which is now based in Singapore, has seen its popularity soar in Europe in recent years, particularly among younger shoppers, putting pressure on fast fashion rivals, Boohoo and ASOS.

Shein is set to launch on the stock market later this year. While it is expected to launch in the US, Chancellor Jeremy Hunt is reported to have been campaigning to get the firm to list is shares in the UK.

But fast fashion's negative effect on the environment and criticism of the industry's labour practices may mean some UK investors choose not to invest in Shein.