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☆ Shein IPO: London Stock Exchange is desperate for IPOs. Could Shein end the drought?
▼ + stars: | 2024-06-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

If Shein goes ahead with the listing, it is expected to try to raise more than £1 billion ($1.3 billion) from the sale of new shares, Sky News said. Bloomberg and the Financial Times have also reported that Shein is preparing a confidential filing for a London listing. Given its high profile and potential hefty valuation, an IPO by Shein would be a much-needed coup for the London Stock Exchange. In recent years, several companies have quit the exchange for other cities or chosen New York to go public. Still, even the slightest hint that Shell could ditch London will have rattled the city’s financial center.

Persons: Shein, ”, “, Marco Rubio, Susannah Streeter, Hargreaves Lansdown, Wael Sawan, Sawan, Shell Organizations: London CNN, Authority, Sky News, Bloomberg, Financial Times, UK’s Labour Party, CNN, Shein, London Stock Exchange, Nasdaq, Shell Locations: China, United Kingdom, Britain, Singapore, New York, United States, While New York, London

☆ London Moves to Revive Its Reputation as a Financial Hub
▼ + stars: | 2024-05-28 | by ( Eshe Nelson | Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Shein, the online retail giant founded in China, had grand ambitions to go public in New York. The company is now focusing more on the London Stock Exchange for its initial public offering, according to two people with knowledge of the matter. That may not have been the company’s initial choice — but it would be a big win for Britain, which has been wary of its capital city losing its status as a global financial hub. A spokeswoman for Shein declined to comment; the British Treasury also declined to comment. like Shein’s could be seen as a prize that bolsters the local financial market and sets the stage for other companies to follow.

Persons: Jeremy Hunt, Shein Organizations: London Stock Exchange, Britain, British Treasury Locations: China, New York, Washington, Beijing, London, Hong Kong, Dubai, Singapore

☆ Shein promised to tackle overwork. A new report claims 75-hour weeks are still common
▼ + stars: | 2024-05-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The 75-hour weeks that we found out about two years ago still seem to be common at Shein,” the Swiss organization said. Public Eye interviewed 13 textile workers employed at six factories in Guangzhou, a region in southern China, last summer. Shein does not reveal the identity of its suppliers, Public Eye said in its report. The group said it established that the factories were Shein suppliers through interviewees’ responses as well as the presence of Shein products. I can’t afford any more days off because it costs too much,” Public Eye cited one worker as saying.

Persons: London CNN —, Shein, “, ”, ” Shein Organizations: London CNN, Workers, Public, Public Eye, Wage, CNN Locations: Swiss, Guangzhou, China, ”

TOKYO (AP) — Uniqlo Co. has sued rival retailer Shein over a small shoulder bag the Japanese retailer said was an inferior and unlawful copy of its hit product touted as the “Mary Poppins bag.”The lawsuit demanded Shein stop selling its product that Uniqlo said looks too much like its Round Mini Shoulder Bag. The Uniqlo bag is praised on TikTok and other social media as roomy but also light and compact. Shein, founded in China but now based in Singapore, did not immediately respond to a request for comment. The lawsuit was filed in Tokyo District Court on Dec. 28 by Tokyo-based Fast Retailing Co., which operates Uniqlo stores. Uniqlo, which has nearly 2,500 stores in 26 global markets, is behind hit affordable casual clothing like HeatTech thermal underwear.

Persons: —, Mary Poppins, Shein, Julie Andrews, Uniqlo, Yuri Kageyama Organizations: TOKYO, Court, Roadget, Shein Locations: China, Singapore, Tokyo, Shein Japan, Japan, U.S

☆ Shein Still Needs to Prove It’s a Bargain
▼ + stars: | 2023-11-28 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

A wide range of apparel at affordable prices has made Shein a sensation. Photo: Adrienne Grunwald for The Wall Street JournalBuilt-in-China online fashion company Shein has swept the world with its fast-to-market, hip designs. It now needs to show investors that its breakneck growth can convert into bigger profit, too. The company is probably looking for a valuation higher than the $66 billion implied by a fundraising round in May. That would put Shein’s market value comfortably above H&M ’s $27 billion but below Zara’s parent Inditex ’s $127 billion.

Persons: Adrienne Grunwald, Shein Organizations: Wall Locations: China, Singapore, U.S

Shein aims to win over Wall Street and WashingtonIn filing confidentially for an initial public offering, Shein, the ultrafast-fashion retailer, is showing ambition on two fronts. The company and its underwriters are betting that investors will be more receptive to I.P.O.s, even though high-profile market debuts this fall largely fizzled out. Shein is also testing whether it can endure what’s likely to be an increase in political heat on the China-founded e-commerce giant. The company has also set up operations in Ireland and Indiana and hired an array of lobbyists in the U.S. “No one should be fooled by Shein’s efforts to cover its tracks,” Senator Marco Rubio, Republican of Florida, wrote in a letter to other lawmakers.

Persons: Marco Rubio Organizations: Wall, Washington, underwriters, Republican Locations: China, Washington, Singapore, Nanjing, Ireland, Indiana, U.S, Florida

The Singapore-based company has not determined the size of the deal or the valuation at IPO. The online fast-fashion retailer, which manufactures most of its merchandise in China, faces criticism that Uyghur forced labor is used to make its low-priced apparel and home goods. Earlier this year, the congresswoman led a bipartisan call for the SEC to halt Shein’s IPO until it verifies that the company does not use forced labor within its supply chain. Shein did not immediately respond to a request for comment, but the company has previously told Reuters it has “zero tolerance for forced labor” and has no contract manufacturers in Xinjiang. Shein's IPO is "going to be raising issues (for the SEC) that may later be applied across the board to all China-based or China-related companies that are going public," Penick said.

Persons: Chen Lin, Shein confidentially, Shein, Jennifer Wexton, Megan Penick, Robinson, Penick, Republican Sen, Marco Rubio, ”, Rubio, Chris Smith, Smith, ByteDance's TikTok, Group's, Katherine Masters, Arriana, Michael Martina, Marguerita Choy Organizations: REUTERS, Bloomberg, Beijing, U.S . Securities, Exchange Commission, SEC, Reuters, Reuters Graphics, Capitol Hill, Republican, Congressional, Commission, Oritain, U.S, Thomson Locations: Singapore, China, New York, U.S, Beijing, Washington, China's Xinjiang, Xinjiang, India

In recent years, Shein has gained popularity among U.S. consumers, particularly teenagers and young adults, for its wide variety of low-priced trendy apparel and accessories. But Shein has also faced claims that it has copied designs and unevenly benefited from a U.S. trade rule that allows it to avoid paying custom fees. In April, two members of Congress asked the Securities and Exchange Commission to require Shein, as a condition of its expected offering, to certify through an independent party that it doesn’t use Uyghur forced labor. It has also teamed up with Forever 21, the fast-fashion mall stalwart, which could lead to more Shein apparel in brick-and-mortar locations. In June, a trip that it hosted for influencers at some of its warehouses in China was widely panned on social media as being tone-deaf.

Persons: Shein, ” Shein Organizations: Securities and Exchange Commission, influencers Locations: U.S, Xinjiang, China

☆ U.S. Retailers Say an Old Trade Law Puts Them at a Disadvantage
▼ + stars: | 2023-11-04 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +2 min

If it isn’t, they argue, companies may move their warehouses, and the jobs that come with them, outside the United States. In 2022, David’s Bridal said it paid about $20 million in fees to U.S. Customs. Competitors based in China that ship dresses directly to shoppers paid nothing, Mr. Marcum said. In the course of six years, he added, David’s Bridal paid about $100 million in duties that could have been invested in modernizing its business. “You can see the enormity of that — the disadvantage that we’ve had to face,” Mr. Marcum said.

Persons: ”, Shein, ” Jim Marcum, “, David’s, Marcum, ” Mr, Ron Sorini Organizations: Chinese Communist Party, ”, . Customs Locations: United States, China, U.S

The rule, de minimis, exempts packages shipped into the United States from duties and fees if they are worth less than $800. U.S. retailers want that rule changed. Over six years, that amounted to about $100 million in duties that could have been invested in modernizing the business, he added. Temu and Shein most likely account for 30 percent of packages shipped daily under the provision, according to a report from the House Select Committee on the Chinese Communist Party. A Shein spokeswoman said de minimis “is not critical to the success of our business,” and in July, Shein’s executive vice chairman said the company was “eager” to work with lawmakers to help change the rule.

Persons: de, minimis “, David Bridal’s, Jim Marcum, DealBook, Marcum, ” Organizations: Customs, Chinese Communist Party Locations: United States

☆ Shein partners with Forever 21 in fast-fashion deal to expand reach of both companies
▼ + stars: | 2023-08-25 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +1 min

New York CNN —Fast fashion e-tailer Shein may be coming to a mall near you. Forever 21’s parent company Sparc Group announced on Thursday that it will partner with the online shopping giant in a deal that would see Sparc become a minority shareholder in Shein. Sparc is a partnership between retail real estate company Simon Group and Authentic Brands Group, whose portfolio includes brands like Brooks Brothers and Nine West. The deal will “provide Sparc Group a platform to further grow its brands,” Sparc said in a news release. Both are fast fashion brands, meaning they mass-produce cheap items that are often used and discarded at a rapid pace as consumers strive to keep up with the latest trends.

Persons: Shein, Brooks, Shein’s, ”, Marc Miller, ” Donald Tang Organizations: New, New York CNN, Sparc Group, Sparc, Simon Group, Authentic Brands, Brooks Brothers, Nine Locations: New York, Shein

☆ Shein deal kills several birds with one stone
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A Shein logo is pictured at the company’s office in the central business district of Singapore, October 18, 2022. REUTERS/Chen Lin Acquire Licensing RightsTORONTO, Aug 24 (Reuters Breakingviews) - Shein isn’t wasting any time in the U.S. battle for buyers of ultra-fast fashion. In exchange, Sparc will become a minority shareholder in Shein. The clever relationship kills a few birds with one stone. Shein is highly skilled at manufacturing TikTok-friendly wares, but has come under attack for its ESG credentials.

Persons: Chen Lin, Simon Property, Simon, Brooks, Sharon Lam, Coinbase’s, Lauren Silva Laughlin, Oliver Taslic Organizations: REUTERS, Rights, Reuters, Forever, Sparc, Authentic Brands, Authentic, X, Thomson Locations: Singapore, U.S, Shein, American

☆ Shein and Forever 21 Team Up in Fast-Fashion Deal
▼ + stars: | 2023-08-24 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Shein, the e-commerce retailer founded in China, is partnering with the parent of Forever 21 to expand its reach into Americans’ closets. The tie-up will bring together two of the biggest names in the fast-fashion sector online and in malls across the country. As part of the agreement, Shein could one day operate stores-within-stores at Forever 21 outlets, while Forever 21’s clothes would be sold on Shein’s site. In the early 2000s, Forever 21 helped popularize the concept of fast fashion to American shoppers, standing out in malls with a revolving carousel of $5 tops and $10 dresses that hit racks more quickly than traditional department store schedules. Shein, founded in 2012 and now headquartered in Singapore, has gained popularity among American shoppers in recent years by taking fast fashion to the next level.

Persons: Shein Locations: China, Singapore

☆ China fast-fashion retailer Temu blasts rival Shein over 'exclusionary tactics'
▼ + stars: | 2023-07-19 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The logo of Temu, an e-commerce platform owned by PDD Holdings, is seen on a mobile phone displayed in front of its website, in this illustration picture taken April 26, 2023. Temu, owned by PDD Holdings, filed a lawsuit accusing Shein of violating U.S. antitrust laws on Friday. This marks the latest development in the increasingly competitive global fast-fashion market where the Chinese companies are vying for dominance. Temu’s complaint alleged Shein “forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu.”A Shein spokesperson on Wednesday repeated its initial statement regarding the lawsuit. “We believe this lawsuit is without merit and we will vigorously defend ourselves,” the spokesperson said.

Persons: Florence Lo, Temu, Shein’s, Shein, “ Organizations: PDD Holdings, REUTERS, KONG, Reuters, Temu Locations: Temu’s, Shein, U.S

☆ Shein and Temu’s battle for US bargain shoppers is getting nasty
▼ + stars: | 2023-07-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Temu has sued Shein in the United States, accusing its rival of violating antitrust laws by trying to monopolize suppliers and engaging in other allegedly illegal behavior. It follows another complaint from Shein, which sued Temu in December for allegedly mobilizing social media influencers to disparage Shein online. Shein has also “forced” exclusivity deals on clothing manufacturers to prevent them from working with Temu, the complaint states. A new ‘war’In its lawsuit filed last week, Temu claimed its recent entry into the United States had rattled Shein. It claimed that Temu had required them to make statements such as: “Shein is not the only cheap option for clothing!

Persons: Hong Kong CNN — Temu, Shein, Temu, Tomas Stevens, ”, Michael Felice, ” Temu, influencers, “, Shein “, Felice Organizations: Hong Kong CNN, Temu, Consumers, AP, PDD, CNN Locations: Hong Kong, United States, Massachusetts, Shein, Paris, China, Zara, Illinois

☆ Shein accused of RICO violations in new lawsuit
▼ + stars: | 2023-07-14 | by ( Ellie Stevens | ) edition.cnn.com time to read: +2 min

CNN —Three graphic designers are suing Chinese fast-fashion giant Shein over what they allege is “egregious” copyright infringement and racketeering. In the lawsuit, which was filed in a California federal court Tuesday, the designers allege Shein produced and sold exact copies of their designs. Rather, there is a mysterious tech genius, Xu Yangtian aka Chris Xu,” the suit claims. According to their “About us” page, Shein says the company only produces 100 to 200 pieces of each model at launch. Those small quantities are intentional, the suit alleges: That way, before making more pieces, Shein can see if anyone complains about a stolen design.

Persons: Shein, “, Coco Chanel, Yves Saint Laurent, Xu Yangtian, Chris Xu, “ SHEIN, ” Krista Perry, Shein.com, shein.com Organizations: CNN, BBC Locations: California

☆ Shein’s Influencer Fiasco
▼ + stars: | 2023-06-30 | by ( ) www.nytimes.com time to read: +1 min

There’s an infamous tweet that goes like this: “Each day on Twitter there is one main character. She was among a handful of creators from the United States who accepted a free trip to China from the fast-fashion behemoth Shein. The company was founded in China over a decade ago, and though it still produces items there, Shein is now based in Singapore. The company has been accused of sourcing cotton from China’s Xinjiang region, where forced labor and human rights abuses are widespread. The name is pronounced, “she in.” As in, “she in some very cheap clothing.” As in “she in trouble for those TikTok videos.”

Persons: Dani Carbonari —, Dani, Shein, ” Organizations: Twitter Locations: TikTok, United States, China, Singapore, Xinjiang, ”, “

☆ Shein Flew Influencers to China to Help Its Image. A Backlash Ensued.
▼ + stars: | 2023-06-29 | by ( Jordyn Holman | Sapna Maheshwari | ) www.nytimes.com time to read: +2 min

But rather than win hearts and minds, Shein and the creators have been roundly blasted in the past week by social media users who have viewed the videos incredulously. The creators have been deleting negative comments on their social media accounts and posting defensive videos. And the trip has become a cautionary tale for marketers, as Shein’s efforts to help its reputation using influencers managed to alienate consumers and draw even more attention to allegations of unsavory business practices. Shein — pronounced SHE-in — an online retailer founded in China more than a decade ago, has quickly gained popularity among U.S. consumers, particularly teenagers and 20-somethings, for its easy-to-use app and low prices on a wide assortment of trendy apparel and accessories. Shein has said it conducts its business “lawfully.”

Persons: Shein, ”, Freeman, influencers, “, Mae Karwowski Locations: China

☆ Influencers are under fire for praising working conditions in Shein’s clothing factory despite abuse allegations
▼ + stars: | 2023-06-27 | by ( Daysia Tolentino | ) www.cnbc.com time to read: +2 min

She said she asked workers questions based on her followers' concerns about the brand. While the trip seemed to reassure the influencers about Shein's working conditions, viewers criticized the creators for pushing "propaganda" and "selling out" for a free trip. You're being called out across the internet," one commenter wrote on one of Carbonari's Instagram posts. "Was the bag worth losing your ethics and helping propaganda," another wrote under one of Butler's Instagram posts. "This is the part that they wanted you to see so you can give the socials a good report," one person wrote under one of Sudduth's Instagram posts.

Persons: Sudduth, They're, Butler, Shein, Carbonari Organizations: Bloomberg, Getty, Shein Locations: Singapore, U.S

☆ As Ties to China Turn Toxic, Even Chinese Companies Are Breaking Them
▼ + stars: | 2023-06-15 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

As it expanded internationally, Shein, the rapidly growing fast fashion app, progressively cut ties to its home country, China. Yet the clothing retailer can’t shake the focus on its ties with China. Along with other brands like the viral social app TikTok and shopping app Temu, Shein has become a target of American lawmakers in both parties. As relations between the United States and China turn increasingly rocky, some of China’s most entrepreneurial brands have taken steps to distance themselves from their home country. They have set up new factories and headquarters outside China to serve the United States and other foreign markets, emphasized their foreign ties and scrubbed any mention of “China” from their corporate websites.

Persons: Shein, Chinese Communist Party —, “, Marco Rubio Organizations: Chinese Communist Party, Republican Locations: China, Singapore, Nanjing, Ireland, Indiana, Washington, Florida, United States

HONG KONG, June 5 (Reuters Breakingviews) - Shein is threading the world’s trickiest geopolitical needle. But rising American pressure is forcing it to tweak its business model right as it tries to list there. Last year, its top line surged 46% to $23 billion, per the Wall Street Journal, surpassing $22 billion at H&M and outpacing the 18% growth at Inditex. A Boston Consulting Group report notes that this model allows Shein to keep inventory turnover at just 40 days. That will be expensive; the company's net profit margin was a razor-thin 3.5% last year, according to the Wall Street Journal, far below bricks and mortar rival Inditex's 13%.

Persons: Shein, Bernstein, Chris Xu, Xu, Mubadala, Pete Sweeney, Katrina Hamlin Organizations: Reuters, U.S ., Rivals, Street, Financial Times, Boston Consulting, Morningstar, Securities and Exchange Commission, Wall Street, ’, Singapore, Sequoia Capital, General Atlantic, Thomson Locations: HONG KONG, Zara, China, Inditex, Guangdong, U.S, Xinjiang, Nanjing, Singapore, Mexico, Brazil, India

The company is hiring a U.S. head of logistics, who will be a liaison between Shein’s U.S. and Singapore headquarters, according to a LinkedIn job posting. The company is also hiring an anti-money laundering and compliance executive and a number of U.S. marketplace personnel, as reported by Modern Retail. Shein did not immediately respond to requests for comment on the head of logistics position. The head of logistics will manage Shein’s relationships with its third-party logistics companies, warehouses and trucking companies. Critics of the exemption also worry that de minimis shipments from China evade regulations banning forced labor in the consumer product supply chain.

Persons: Shein, Shein's, Arriana McLymore, Chizu Organizations: YORK, U.S, Shein’s U.S, Modern Retail, Securities and Exchange Commission, Chinese Communist Party, Thomson Locations: North America, China, Singapore, U.S, China . U.S, Brazil, minimis, New York City

☆ Shein partners with Reliance in major India comeback
▼ + stars: | 2023-05-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shein is plotting a major comeback in India, nearly three years after it was booted out of the country. The fast fashion giant is partnering with the retail arm of Mukesh Ambani’s Reliance Industries, a Shein spokesperson confirmed Friday. “We can confirm Shein’s partnership with Reliance Retail and have no additional comment at this time,” a Shein spokesperson said. A powerful partnerIts new partnership with Reliance Retail, which bills itself as the country’s largest retailer, could be a game-changer. Shein has said it doesn’t have any suppliers in the Xinjiang region, and it has zero tolerance for forced labor.

Persons: Hong Kong CNN — Shein, Mukesh Ambani’s, Shein, Bain, “, Sania Farooqui Organizations: Hong Kong CNN, Industries, Wall Street, Financial Times, Reliance, Reliance Retail, Burberry, Apple, US Securities and Exchange Commission Locations: Hong Kong, India, Zara, China, Singapore, ”, Washington, Xinjiang, New Delhi

☆ The Companies Trying to Make Live Shopping a Thing in the U.S.
▼ + stars: | 2023-05-10 | by ( Jordyn Holman | Kalley Huang | ) www.nytimes.com time to read: +2 min

But American consumers have yet to take to live shopping in the same way. In 2016, the e-commerce giant Alibaba launched Taobao Live, popularizing live shopping in China. Alongside Poshmark, QVC’s parent company Qurate recently started Sune, a live shopping app targeting Gen Z. Last year, Walmart, YouTube and eBay added or expanded their live shopping features. “In a very few short months, they’re proving that this form of live shopping works,” he added, referring to Posh Shows sellers like Ms. Lazovic.

☆ Congress presses Chinese fast-fashion giant Shein on forced labor
▼ + stars: | 2023-05-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —US Congress is stepping up the pressure on Chinese fast-fashion giant Shein. The United States has banned all imports from the Xinjiang region over concerns of the use of forced labor. Lawmakers “are demanding transparency and seeking independent verification — free from state influence — that the company does not use Uyghur forced labor,” according to the letter. A Shein spokesperson told CNN that the company has no suppliers in the Xinjiang region and it has zero tolerance for forced labor. The letter illustrates how Congress is scrutinizing Shein and rival fast-fashion app Temu amid their surging popularity in the United States.

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