Top 5 Chinese DTC Global Brands by Revenue in 2023

Dominant Leaders: Shein and Anker at the Top

• Shein: Revenue of ~$32 billion in 2023, up 40% YoY, driven by fast-fashion supply chain and digital operations, covering 150+ countries.
• Anker (Anker Innovations): Revenue of ~$2.5 billion in 2023, focusing on consumer electronics accessories and smart home, with growing brand equity.
• Zaful: Fast-fashion brand under Globalegacy, revenue of ~$1.5 billion in 2023, specializing in swimwear and women's apparel, well-known in Europe and the US.
• Cider: Data-driven DTC womenswear brand, revenue of ~$800 million in 2023, with significant growth, primarily in North America and Europe.
• PatPat: DTC children's apparel brand, revenue of ~$600 million in 2023, popular among young families overseas thanks to social media marketing and parent-child positioning.

Characteristics of the Ranking

• All brands are e-commerce-native, with no traditional brand transformation cases.
• Fashion apparel takes three spots, consumer electronics and maternal-child each one, reflecting China's supply chain advantages in fast fashion and 3C.
• High concentration: Shein alone accounts for over 80% of the top five total revenue.

Data Notes

• Shein and Anker data from public financial reports; Zaful, Cider, PatPat data from industry research and media estimates.
• Exchange rate: 1 USD = 7.2 CNY.
• Ranking only considers brand own revenue, excluding other businesses within the group.