Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
SP Hinduja Bank Privée on Friday (20) announced strong results for 2021 and delivered good returns for clients and continued operational growth under CEO Karam Hinduja, the bank said in a statement.
The operational profitability increased by 30 per cent and total assets under management (AUM) increased by over $699 million (£560m) over the period, the bank said.
The firm added that the positive performance continues in the first quarter of 2022.
The bank has generated a gross internal rate of return (IRR) of 63 per cent and net IRR of 44 per cent on pre-IPO private market investments for its clients from January 1, 2021 to March 31, 2022, according to the statement. It maintains capital adequacy, a measurement of a bank's available capital expressed as a percentage of a bank's risk-weighted credit exposures, at 38 per cent.
"Today's results show that a new, progressive leadership approach is enabling SP Hinduja Bank Privée to go from strength to strength, delivering strong returns for our clients and investors," said Hinduja, who took charge in March 2020.
"We have started off 2022 extremely well with a host of new initiatives in the pipeline that will further benefit our clients. I will continue to open pathways for growth previously out of reach to private banks."
The bank has given an average of 13.5 per cent annual yield across private debt investments, including in sustainable energy & infrastructure, for clients between February 2021 and February 2022, the statement further said. Advisory mandate portfolios generated clients up to 20 per cent yield for 2021.
The bank said that after taking over, Hinduja focused on client service and returns. Now the bank has experts in asset management, venture capital and other verticals, putting it at the forefront of new-age Swiss banking services, it added.
Shein’s UK sales hit £2.05bn in 2024, up 32.3 per cent year-on-year, driven by younger shoppers.
The retailer benefits from import tax loopholes unavailable to high street rivals.
Faces mounting criticism over labour practices and sustainability as it eyes a London listing.
Tax edge drives growth
Chinese fashion giant Shein is transforming Britain’s online clothing market, capturing a third of women aged 16 to 24 while benefiting from tax breaks unavailable to high street rivals.
The fast-fashion retailer’s UK sales surged 32.3 per cent to £2.05bn in 2024, according to company filings, with pre-tax profits rising to £38.3m from £24.4m the previous year. The growth comes as established players like Asos struggle in an increasingly competitive landscape where young consumers prioritise value above all else.
Shein has partly benefited from a tax break on import duty for goods worth less than £135 sent directly to consumers, The rule lets overseas sellers send low-value goods to the UK tax-free, disadvantaging local businesses.
“The growth of Shein and Temu is a huge factor,” said Tamara Sender Ceron, associate director of fashion retail research at Mintel told The Guardian. “It is particularly successful among younger shoppers. It is also a threat to other fashion retailers such as Primark and H&M because of its ultra-low price model that nobody can compete with. It’s changed the market.
"The market dynamics reflect broader shifts in consumer behaviour. Online fashion sales reached £34bn last year, up 3 per cent, according to Mintel, but shoppers have become more cautious as disposable incomes shrink, and fashion competes with holidays, festivals, and streaming services for wallet share.
Scrutiny builds
Despite its commercial success, Shein faces mounting scrutiny. The company filed initial paperwork last June for a potential London Stock Exchange listing, but critics question its labour practices and environmental impact.
"Regardless of whether Shein gets listed on the London Stock Exchange, no company doing business in the UK should be allowed to play fast and loose with human rights anywhere in their global supply chains,” said Peter Frankental, economic affairs programme director at Amnesty International UK to BBC.
The “de minimis” rule has drawn renewed attention after US President Donald Trump scrapped a similar measure during his trade war with China.
Shein’s UK operation now employs 91 people across offices in Kings Cross and Manchester, focusing primarily on local market expertise.
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