Shein‘s British business made GBP1.55 billion ($2.03 billion) in revenue in 2023 and a profit before tax of GBP24.4 million, a filing by the online fast-fashion group showed on Tuesday, as the company prepares for a planned listing in London.

Shein’s rapid growth, fuelled by its low-cost business model of sending parcels to customers worldwide straight from factories in China, has disrupted the budget fashion industry and put pressure on incumbents such as Sweden’s H&M and London-listed Asos and Boohoo.

The 2023 revenue for Shein Distribution UK Limited marked a 38% increase on its previously reported sales of GBP1.122 billion over the 16-month period from September 6 2021 to the end of 2022.