Shein warns on Trump tariff uncertainty after profits slip
Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws.The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.3bn last year from $1.5bn in 2023 after an increase in selling and marketing costs, according to new accounts.
Shein is thought to be trying to list on the Hong Kong stock exchange after efforts to list in the US and UK for an estimated £50bn valuation went awry.The China-founded online seller warned that changes to US tariff policies since April this year and their “frequent evolution” had “increased the level of uncertainties in the global economy”.It warned: “The ongoing evolution of trade policies continues to introduce complexities for businesses that may affect the group’s and the company’s future financial condition and operations.”Shein, which makes its revenues from selling goods and from fees on marketplace sellers, is thought to have taken a big hit to trade in the US this year after Donald Trump’s administration closed a loophole that allowed goods worth less than $800 to be imported and sent directly to shoppers without certain checks and duty.The de minimis exemption, which had been in place since 1938, was intended to foster growth for importers of small goods, latterly including e-commerce marketplaces.
However, the exemption had been criticised for enabling the rapid growth of cheap imports from China via Shein and Temu.Income tax paid by the group remained steady at about $188m, although that included $6.1m deferred and adjusted tax relating to prior years.Shein’s UK arm has been accused of transferring the “vast bulk of income” to its Singaporean parent to cut its British tax bill.The company paid £9.
6m in corporation tax in the UK despite making £2bn in sales last year,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionPaul Monaghan at the Fair Tax Foundation said: “It’s still the case that Shein aggressively avoids tax, facilitated by a chain of companies in Singapore, the British Virgin Islands and the Cayman Islands,“The move of its headquarters to Singapore has seen profits taxed at 5%-8% over the past four years, with tax relief relocation perks benefiting them by US$74,4m in Singapore in 2024 alone,”The company paid no dividend in 2024 after a $484.
5m payout in 2023.Shein said in a statement: “The claim that Shein is avoiding tax is wholly false.Like any other international company, Shein pays all applicable taxes, including, but not limited to, VAT, corporate tax, and labour taxes, as required, and operates in compliance with the relevant laws and regulations of every market where we operate.”
England v Pakistan: Women’s Cricket World Cup match abandoned due to rain – as it happened
Raf’s report is here – goodnight!I think we showed that we can beat England, but [the rain] was not in our favour.[On her four-for with the ball] I know this pitch has been good for the fast bowlers so I just tried to bowl a good length. It would have been good [to take those wickets] if we had won the match.We've bowled well in the last couple of matches so hopefully we can improve our bowling in the next few games.I thought Pakistan bowled brilliantly and made it really hard for us to get into the game at all
India to host 2030 Commonwealth Games – next stop the 2036 Olympics?
India will be formally approved as hosts of the centenary Commonwealth Games in 2030 next month as the country steps up its ambitions to stage the 2036 Olympics.Commonwealth Sport says its executive board had recommended Ahmedabad, in the state of Gujarat, as the host city for the 2030 Games ahead of what it called an “ambitious bid” by Nigeria. The decision still needs to be ratified by a general assembly in Glasgow on 26 November, but multiple sources described that process a formality.The Commonwealth Sport chief executive, Katie Sadleir, said: “Today’s recommendation is strategically important for the future of the Commonwealth Sport movement. It builds on the platform that Glasgow 2026 will provide and sets a clear direction for the years ahead
Aisle pay that: seat surcharges leave spectators on edge at some of Australia’s biggest events
Some fans hate being stepped over inside the stadium and just want to enjoy the action in peace. Others won’t sit anywhere else except the end of a row, and are prepared to pay a premium for the privilege.The extra cost of an aisle seat has reached $25 at the Melbourne Formula One Grand Prix, as part of a trend adopted at sporting events such as the MotoGP at Phillip Island and the Australian Open tennis, as well as at some music concerts, to price tickets on the edge of bays higher than those in the middle.A spokesperson for Tennis Australia confirmed aisle seat pricing was first introduced at the Melbourne Park major in 2022, with a “modest premium” of $5, “responding to fan preferences for extra legroom and easier access”.The Australian Open is placing a premium of between $5 and $15 on aisle seats for the 2026 tournament, although not all bays in all sessions carry the extra charge
Ryder Cup triumph being remembered for the wrong reasons, says Rory McIlroy
Rory McIlroy is eager to shift discussion of last month’s Ryder Cup from the dominant theme of unruly spectators to the “incredible” strength of Europe’s display.Luke Donald and his European team secured back-to-back Ryder Cup wins after reaching what ultimately proved an unassailable position within two of the event’s three days.The reference point for Bethpage Black, though, has been appalling fan conduct; including significantly towards McIlroy. The Masters champion’s wife was hit by a beer thrown from the galleries at one point, with McIlroy himself subjected to abuse throughout.McIlroy’s return to the competitive fold, this week at the India Championship, has led him to try to change the topic of conversation
George Russell stays at Mercedes next season but door not shut on pursuit of Verstappen
George Russell will remain with Mercedes for next season after the Formula One team confirmed they would be sticking with their drivers in 2026. However, the length of the contracts signed by the Briton and his teammate, Kimi Antonelli, have not been specified, potentially leaving the Formula One team open to once more pursue Red Bull’s Max Verstappen for 2027.The long-expected decision comes after a protracted period of negotiation with Russell, as Mercedes seek stability going into the new regulations of 2026. The 27-year-old British driver has five wins in eight seasons in F1, including victory in Singapore, helping propel Mercedes into a fight for second in the world championship with Ferrari and Red Bull.Russell, who came up through the Mercedes junior programme, is fourth in the world championship
George Ford turns down R360 riches for last shot at England World Cup glory
George Ford has turned down the riches on offer from R360 for one last shot at a Rugby World Cup with England. The 32-year-old revealed he was approached by the rebel circuit, fronted by the former England centre Mike Tindall, but rejected a deal believed to be worth £1m a season to chase his dream.Ford, who reached a century of caps last summer, has signed a three-year contract extension with Sale which will ensure his availability for the 2027 World Cup in Australia.“As players, we understand what’s going on with trying to set up this new league and they did contact my agent to have discussions,” Ford said.“My decision-making was purely based on the fact that I love playing for England and I’ve got an unbelievable desire to keep playing for England
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