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☆ 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.

☆ Shein, E-Commerce Retailer Hit by Criticism, Tries Charm Offensive
▼ + stars: | 2023-05-02 | by ( Jordyn Holman | ) www.nytimes.com time to read: +1 min

In its decade of doing business, Shein has grown rapidly by winning over shoppers with its tough-to-beat prices and kaleidoscope of new merchandise. It has poured millions of dollars into initiatives that seek to address the longstanding criticisms as a way to earn good will. In the process, Shein is positioning itself as a retail juggernaut with whom industry stalwarts will inevitably have to share space. “We’re trying to engage with lots of stakeholders,” Peter Day, Shein’s head of strategy and corporate affairs, said in an interview. There are some things that we still need to learn how to do, and the best way to do it is to talk to the community.”

Hong Kong/New York CNN —Temu and Shein are taking off in the United States, topping app stores and creating a frenzy with consumers. Shein was started in China, while Temu was launched by a Chinese company that now bills itself as a multinational firm. Both firms have enjoyed major success in the United States, noted Nicholas Kaufman, a policy analyst for the US-China Economic and Security Review Commission. Topping the chartsTemu and Shein have taken the world’s largest retail market — the United States — by storm. It has quickly become the most downloaded app in the United States, and continues to expand its user base.

☆ Beijing mutes ChatGPT meme rally
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 23 (Reuters Breakingviews) - The rally in Chinese stocks associated with conversational bots, a side-effect of the popularity of OpenAI’s ChatGPT, has been knocked sideways. Beijing has ordered big Chinese technology companies including Tencent (0700.HK) and Ant not to offer ChatGPT services on their platforms, the Nikkei reported citing people with direct knowledge. The latter’s Hong Kong shares surged 45% between the start of the year and early February, before falling by a fifth since. OpenAI, which is backed by Microsoft (MSFT.O), won’t let Chinese residents create ChatGPT accounts. Still, despite warm noises from Beijing about supporting technology companies, its politics still stifles innovation.

☆ Amazon delivers a regulatory breather to Big Tech
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

The U.S. Federal Trade Commission said it won’t challenge Amazon.com’s (AMZN.O) $3.9 billion acquisition of physician network One Medical. As the deal moves forward, deal-hungry technology giants can take a small breather. One Medical’s revenue accounted for just 0.2% of all U.S. healthcare spending in 2021, according to Amazon. And while the FTC’s concerns about Big Tech seemed limitless, its resources aren’t. Letting the One Medical deal move forward frees up staff to focus on ones that pose a clearer threat to consumers.

☆ Fresenius takes tentative step on road to breakup
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

On Tuesday evening the $17 billion German medical technology company said it will relinquish control of its listed dialysis firm, Fresenius Medical Care (FMEG.DE), in order to focus on its core businesses. Fresenius currently controls the dialysis business and can appoint its board despite only owning a 32% stake, thanks to its arcane German legal structure. The news sent Fresenius Medical Care stock up around 12% on Wednesday. His core intravenous drugs and hospital operating divisions should be worth 20 billion euros each, according to the UK bank. That implies a total value for the group including debt of 48 billion euros, far above its current 40 billion euro enterprise value.

☆ Credit Suisse finds new genre of loose crisis talk
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Reuters reported on Monday that financial regulator Finma is reviewing remarks the Credit Suisse (CSGN.S) chair made in a punishing period late last year. He said in early December that outflows during October, mainly in wealth management, had “completely flattened out”, “partially reversed” and “basically stopped”. He could argue that the outflows had indeed stabilised when he spoke, but then deteriorated again afterwards. Either way, the usual argument for speaking up is to counteract negative rumours, which in Credit Suisse’s case swirled on social media. Credit Suisse’s 6% share fall after the Reuters report suggests that silence might have been a better guard against both risks.

☆ TikTok stirs up Starbucks workforce solutions
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Feb 21 (Reuters Breakingviews) - Starbucks (SBUX.O) is embracing the buzz. The coffee chain filed a new patent for a machine to help customize complicated beverages, according to a Business Insider report on Monday. Incoming Chief Executive Laxman Narasimhan faces staffers increasingly eager to unionize just as U.S. labor shortages hover at highs. It is therefore hardly surprising that $123 billion Starbucks wants to streamline drink-making processes. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Shein's ambitions are a bit of a stretch
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Shein’s top-line growth slowed from 57% in 2021 to 45% last year; the company expects that to continue, with its 2025 target implying average annual expansion of 37%. Meanwhile, Shein's projected 13% profit margin dwarfs that of web retailers like China's JD.com (9618.HK). The $118 billion PDD (PDD.O) recently rolled out its Temu shopping service; it is now the most downloaded app in the United States. Using the same 2.4 times forecast 2025 sales multiple the Inditex enterprise trades on, Shein's valuation could top $140 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Shein tells suppliers to end long working days at factories by end of the month
▼ + stars: | 2022-12-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

In October, the UK’s Channel 4 broadcast a documentary that made allegations of labor exploitation against two of Shein’s factory suppliers in China. In its statement, Shein said audits carried out by independent experts had refuted most of the allegations. But the investigation showed that workers at two of its suppliers were working longer hours than allowed under local rules. Employees at one factory were working a maximum of 13.5 hours per day, with at least two to three days off per month, the statement claimed. At another factory, staff were found to be working 12.5 hours a day with no fixed schedule for days off.

☆ Fast-Fashion Juggernaut Shein’s Sales Close In on Zara, H&M
▼ + stars: | 2022-10-28 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

Online retailer Shein is on track to generate revenue of $24 billion this year, according to people close to the company, putting it within striking distance of the world’s largest fast-fashion giants—just a decade since its founding. Shein, which was started in China and is now based in Singapore, has grown rapidly thanks to a unique business model that has enabled the company to sell a large assortment of apparel at ultralow prices and respond quickly to shifting fashion trends. Women’s tops retail on its website for as little as $2 and some dresses can be purchased for less than $5.

☆ New & Notable: Latest releases from Apple and more
▼ + stars: | 2022-10-24 | by ( Gabriella Depinho | Gabriella Depinho Is A Production Coordinator For Select On Nbc News. | ) www.nbcnews.com time to read: +4 min

This story is part of Select's New & Notable column, where we highlight our favorite product launches, major sales, what we're buying and some of our latest recommendations and advice. While other larger brands, such as Gap, Adidas and Madewell, have partnered with resale platform ThredUp, Shein opted to launch their own platform. Urban Outfitters launched the clothing resale app Nuuly Thrift in 2021, where customers can sell their used Urban Outfitters clothes via an iOS app. Nuuly users can deposit their earnings into their bank account or earn “Nuuly Cash” which is worth 10% more at Nuuly Thrift, Anthropologie, Free People, Urban Outfitters, BHLDN or Terrain. Wellness tech company Oura, the creator behind the health tracking Oura ring, announced a partnership with Therabody, creator behind the popular Theragun massager.

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