Fast fashion retailer Shein’s profit dropped by a more than a third last year, ahead of the company’s planned initial public offering in London, the Financial Times reported Sunday, citing two people familiar with the matter.

Online fast-fashion retailer Shein's profit dropped by more than a third last year, adding to its challenges ahead of a planned listing on the London Stock Exchange, the Financial Times reported on Sunday.

Fast-fashion retailer Shein’s profit slumped by almost 40% last year, putting further pressure on a potential initial public offering in the UK, the Financial Times reported, citing people it didn’t identify.