Asia Tech Wire (Apr 2) -- Singapore-based fast-fashion retailer Shein realized profits of over $2 billion in 2023, nearly tripling compared to 2022, according to the Financial Times.

The platform's profits last year exceeded the $700 million in net income it generated in 2022 and $1.1 billion in 2021, the report said, citing a financing document.

Additionally, Shein recorded $45 billion in gross merchandises value (GMV) last year, up about 55% from $29 billion in 2022.

The figure, for the first time, surpassed the 35.9 billion euros ($39.2 billion) in sales in 2023 by Inditex, the parent company of rival Spanish fast fashion retailer Zara.

Early last year, news broke that Shein was aiming for $7.5 billion in profit and $58.5 billion in revenue by 2025.

The report also said that the online retailer had a valuation of more than $60 billion in its most recent round of funding.

Founded in 2008, Shein's Chinese founder, Chris Xu, relocated the company's headquarters from China to Singapore in 2022.

It is currently waiting for Chinese regulators to approve its listing in New York or London.