The Australian arm of global fast fashion giant Shein has seen its 2025 calendar year revenue jump by just under 20 per cent in the local market to $1.53 billion, with its total profit up by more than a fifth, hitting $19 million.
This is all according to ASIC filings obtained by Ragtrader, which also show that Shein Australia’s gross profit margin sits at just 4 per cent.
On top of this, the company’s local expenses, excluding the cost of sales and income tax, rose by 36 per cent.
This included a decent lift in selling and marketing expenses, which grew from $28.9 million in 2024 to over $35 million in 2025. The business’s administration costs also nearly doubled, hitting over $4.7 million, with ‘other expenses’ up 480 per cent to $3.38 million. The lift in other expenses appears to be mostly due to foreign exchange movements, which lifted from $485,118 in 2024 to $2.55 million in 2025.
Also of interest is a swing to negative in Shein Australia’s net operating cash flow, which was a positive $6.7 million in 2024, and a negative $8.28 million in 2025. That came as payments to suppliers and employees were $2 million higher than the total receipts from customers ($1.697 billion), as well as a decent lift in income taxes.
The financial report also showed a bump up in refund liabilities, rising from $6.4 million in 2024 to $9.9 million in 2025. Industry round-ups indicate that Australia sees the highest return rates compared to other countries, sitting somewhere between 20 and 30 per cent.
Despite the lift in sales and profit, no dividend was declared, suggesting either a retention of capital or re-investment into the business.
The report also noted that just 18 employees were working under Shein’s Australian arm in the reporting period.
Shein does take up a decent chunk of the Australian fashion market in Australia. For comparison, Kmart and Target – which both sell a vast array of lifestyle goods as well as fashion – reported a total sales of $11.1 billion in FY25, with first half FY26 sales hitting $6.3 billion.
Meanwhile, Semrush data shows Shein’s website traffic was 5.77 million in February 2026, which was behind The Iconic (7.03 million), Myer (10.01 million) and shop.app (10.25 million).