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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 $1.5bn last year from $1.3bn 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”.

“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,” it warned.

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 which allowed goods worth less than $800 being 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 parentto cut its British tax bill.

The company paid £9.6m in corporation tax in the UK despite making £2bn in sales last year.

Paul 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.”

Houston, TX – October 15, 2025 – Halliburton (NYSE: HAL) announced today that Petrobras awarded multiple contracts to provide vessel stimulation, intelligent completions, and safety valves in Brazil’s deepwater fields after a competitive process.

Halliburton’s engineered stimulation solutions strengthen the collaboration with Petrobras. These awards demonstrate our longstanding relationship in Brazil and support our global strategy to improve asset value and safety through our completions services.

In the Búzios field, Halliburton will deploy its SmartWell® intelligent completion technology to enable real-time reservoir management and actionable insights to optimize production. For the Séepia and Atapu fields, Halliburton will provide EcoStar^® electric tubing retrievable safety valves (eTRSV) to improve the safety and efficiency of this project.

Additionally, Halliburton’s Stim Star Brasil, tailored for Petrobras activity, will deliver stimulation services that focus on reservoir productivity and improve asset performance. 

These contracts are expected to begin in 2026 and highlight Halliburton’s expertise in completions and its focus on delivering comprehensive solutions tailored for challenging offshore operations. Through its long-standing collaboration with Petrobras, Halliburton plays an important role in the advancement of Brazil’s offshore oil and gas industry and contributes to the nation’s economy.

About Halliburton

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

For Investors:
David Coleman
investors@halliburton.com
281-871-2688

For Media Relations:
Alexandra Franceschi
PR@halliburton.com
281-871-3602