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A fashion retail Forever 21 store is pictured in in London on September 30, 2019. Fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection in the US. Forever 21 is asking landlords for a break on rent as the legacy fast fashion player's sales decline and it struggles to keep up with savvier competitors, CNBC has learned. Forever 21 faces a range of issues that have long plagued its business. Similar to many retailers, Forever 21's massive store footprint weighed on its balance sheet when it first filed for bankruptcy.

Persons: Simon, Brooks Brothers, Lucky, Simon didn't Organizations: CNBC, Authentic Brands Group, Simon Property Group, Brookfield Property Partners, Sparc, Lucky Brand Locations: London, U.S

☆ LVMH takes aim at $30 billion watch market with high-end, reinvented pieces
▼ + stars: | 2024-02-03 | by ( Robert Frank | ) www.cnbc.com time to read: +5 min

Sales of luxury watches worldwide are estimated at about $30 billion this year, according to market research firm IMARC Group. A Zenith luxury watch at 2024 Watch Week in Miami. A Bulgari Serpenti Secret watch at 2024 Watch Week in Miami. A TAG Heuer luxury watch at 2024 Watch Week in Miami. A Zenith luxury watch at 2024 Watch Week in Miami.

Persons: Louis Vuitton, Bulgari, Dior, Frederic Arnault, LVMH, Bernard Arnault, CNBC Frederic Arnault, Benoit de Clerck, Jean, Christophe Babin, Babin, women's, —, Diamant, Tourbillon, Julien Tornare Organizations: IMARC, TAG, Zenith, CNBC, LVMH's, Executives, CNBC LVMH, CNBC TAG, Carrera, TAG Heuer Locations: Miami, America, U.S, Swiss, LVMH

☆ Shein's revenue is ‘a lot more’ than $30 billion annually, key retail partner says
▼ + stars: | 2024-01-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

watch nowORLANDO, Fla. — Little is known about how much revenue Shein draws or just how profitable it is. But the fast-fashion company's sales are "a lot more" than the $30 billion it reportedly brings in annually, one of the retailer's key partners said Monday. "There's talks that they do 30 billion, do they do 40 billion? If Shein's sales are "a lot more" than $30 billion annually, its revenue would still be far smaller than that of retail giants such as Walmart and Amazon , which do hundreds of billions in sales annually. A sales total above $30 billion would mean Shein dwarfs American retailers such as Abercrombie & Fitch and American Eagle , which most recently reported annual sales of $3.7 billion and $5 billion, respectively.

Persons: Jamie Salter, There's, Salter, Allen J, Shein, confidentially, Inditex Organizations: Authentic Brands, Los Angeles Times, Getty, Sparc Group, Simon Property Group, Sparc, Walmart, Abercrombie, Fitch Locations: ORLANDO, Fla, —, Orlando, Ontario Mills, Ontario, U.S, Shein, China

☆ Vietnamese companies eye the U.S. IPO market amid a lull in Chinese listings
▼ + stars: | 2023-12-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.

Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ Chinese fast-fashion retailer Shein files for U.S. IPO - WSJ
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The fast-fashion giant has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq, Reuters reported in July. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said. Shein declined to comment to Reuters on the report. Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands (AUTH.N) and mall operator Simon Property (SPG.N), as the online fashion retailer and its rivals look to expand their market reach. Reporting by Pritam Biswas and Ananya Mariam Rajesh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Arun Koyyur Organizations: REUTERS, Wall Street, New York Stock Exchange, Nasdaq, Reuters, JPMorgan, SPARC Group, Forever, Brands, Simon, Thomson Locations: New York City, U.S, China, United States, Bengaluru

☆ Shein files for U.S. IPO as fast-fashion giant looks to expand its global reach
▼ + stars: | 2023-11-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering, CNBC has learned. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. He said, "there's no such thing as forced labor" in the Shein factories that he has visited. As Shein grew from an obscure Chinese retailer into a global behemoth with headquarters in Singapore, it largely stayed in the shadows.

Persons: Shein, it's, Marcelo Claure, Sky Xu, Donald Tang, influencers, Xu, Goldman Sachs, Morgan Stanley Organizations: CNBC, U.S . Securities, Exchange Commission, SEC, Chinese Communist Party, Bear, Sparc Group, Authentic Brands Group, Simon, Group, JPMorgan, CNBC PRO Locations: U.S, Beijing, Singapore, Bear Stearns

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York

☆ Shein acquires British fast fashion brand Missguided as it looks to expand global reach
▼ + stars: | 2023-10-30 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Shein has bought British fast fashion brand Missguided from the Frasers Group as the company looks to expand its market share and global reach ahead of a rumored U.S. initial public offering, the companies announced Monday. As part of the deal, Shein will license Missguided's intellectual property to Sumwon Studios, a joint venture between Shein and Missguided founder Nitin Passi. Sumwon will manage and operate the Missguided brand. The brand gained prominence when it went viral for selling £1 bikinis and became a major player in British fast fashion. "Shein aims to reignite the Missguided brand, capitalising on its unique brand personality, and fuelling its global growth through SHEIN's on-demand production model, unparalleled e-commerce expertise and global reach."

Persons: Shein, Frasers, Nitin Passi, Sumwon, Missguided, Donald Tang Organizations: Frasers Group, Sumwon Studios, Frasers, Forever, Sparc Group, Authentic Brands Group, Simon Property, CNBC Locations: British, Shein, SHEIN's

☆ Shein deepens its relationship with Forever 21, will begin selling co-branded clothes online
▼ + stars: | 2023-10-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Shein and Forever 21 are slated to unveil a co-branded clothing line after the two retailers launched a joint venture earlier this year that turned the would-be competitors into partners, the companies announced on Friday. Under the partnership, Shein will design, manufacture and distribute a line of co-branded Forever 21 apparel and accessories that will be sold primarily on Shein's website. The announcement comes about two months after Shein and Forever 21's operator Sparc Group inked a deal that saw both companies take a stake in each other's businesses. Under the agreement, Shein acquired about one-third of Sparc Group — a joint venture that includes brand management firm Authentic Brands Group and mall owner Simon Property Group — while Sparc took a minority stake in Shein. For Forever 21, its partnership with Shein helps the retailer to regain the relevancy it once had in the mid-2010s and win over younger customers who are more likely to shop online than they are in malls.

Persons: Shein, doesn't, Jamie Salter Organizations: Sparc, Sparc Group, Authentic Brands Group, Simon, Group Locations: Ontario Mills, Ontario, Shein, China, U.S

☆ State officials want Shein to prove it doesn't use forced labor before it goes public
▼ + stars: | 2023-08-30 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Fast-fashion juggernaut Shein is facing more scrutiny from elected officials in the U.S. who want the company to prove it doesn't use forced labor before it files for a widely rumored initial public offering. "It is apparent that SHEIN is attempting to launch an IPO before the end of this calendar year. Shein has faced accusations that it used forced labor from the Xinjiang region in China to fuel its meteoric rise as rumors swirl that it is preparing to go public. "These are in raw materials so when we have a raw material positive test, that means that raw material is removed from production," Pernot-Day said. Pernot-Day said one of Shein's primary objectives at the moment is to get its positive test results down to zero.

Persons: Gary Gensler, SHEIN, Austin Knudsen, Shein, Peter Pernot, Oritain Organizations: U.S . Securities, Exchange, Montana's, Sparc Group, Chinese Communist Party, Bloomberg, CNBC, Politico Locations: U.S, Xinjiang, China, Shein

☆ 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 signs deal with Forever 21 as fast fashion expands footprint
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShein signs deal with Forever 21 as fast fashion expands footprintJamie Salter, Authentic Brands CEO, Donald Tang, Shein executive chairman, and David Simon, Sparc Group director, join 'Squawk on the Street' to discuss Shein's latest partnership with Forever 21.

Persons: Jamie Salter, Donald Tang, David Simon Organizations: Authentic Brands, Sparc Group

The deal, which would give Shein a roughly one-third interest in SPARC Group, expands Forever 21's reach by bringing the label to Shein's online platform, which serves about 150 million users. The partnership also presents an opportunity for Singapore-based and China-founded Shein to step into Forever 21's retail locations across the United States. Under the agreement, SPARC Group would also become a minority shareholder in Shein. Shein's Forever 21 deal will help it reach beyond its core ultra-fast fashion, primarily Generation Z, customer base, Amlani said. The Forever 21 deal will also enable the fast-fashion retailer to test in-person experiences including "shop-in-shops" and allow customers to return merchandise in physical stores.

Persons: Dado Ruvic, Shein, Simon Property, Liza Amlani, Amlani, Savyata Mishra, Deborah Sophia, Shilpi Majumdar, Tomasz Janowski Organizations: REUTERS, SPARC Group, Forever, Brands, Simon, SPARC, Thomson Locations: Singapore, China, United States, Shein, Brazil, U.S, Bengaluru, Arriana, New York

☆ Get ready to buy Shein clothes in Forever 21 stores
▼ + stars: | 2023-08-24 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Fast-fashion retailers Shein and Forever 21 are partnering up. The partnership allows Forever 21 to sell merchandise on Shein's site, and Shein products could be sold in Forever 21 stores. The partnership will allow Shein to sell Forever 21 products on its website, and Forever 21 to add Shein sections in-stores, where customers could also return Shein items. The partnership could give Forever 21 exposure to a significant number of new consumers across the US and the globe, Saunders wrote. Sparc Group, a joint venture of Authentic Brands Group and Simon Property Group, operates Forever 21.

Persons: Neil Saunders, GlobalData, Shein, Saunders, Simon, Lucky Brand, Eddie Bauer, Brooks Organizations: Service, Street Journal, U.S, Forever, Sparc, Authentic Brands, Simon Property Group, Brookfield Property Partners, Reebok, Brooks Brothers, Sparc Group Locations: Wall, Silicon

☆ Shein strikes deal with fast-fashion retailer Forever 21 that will expand reach of both brands
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

A Shein App is shown in the iOS App Store in Bargteheide, Germany, May 3, 2021. Fast-fashion competitors Shein and Forever 21 have joined forces. Shein's deal with Forever 21 comes as it tries to distance itself from sharp criticism and gear up for a widely rumored U.S. initial public offering. While Shein and Forever 21 have similar shoppers, they have catered to those customers in different ways. By teaming up, Shein and Forever 21 will have new ways to reach customers.

Persons: Shein, Brooks, Lucky Brand, — CNBC's Gabrielle Fonrouge Organizations: Sparc Group, Sparc, Authentic Brands, Simon Property Group, Wall Street Locations: Bargteheide, Germany, Shein, China, Singapore, Dallas, Los Angeles

☆ Credit Suisse's $3.2 billion cut-price sale signals an ongoing crisis that could expose unicorn fintechs
▼ + stars: | 2023-03-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

The firesale of Credit Suisse to UBS is putting the banking world on high alert. A $54 billion loan from the Swiss National Bank wasn't enough to keep Credit Suisse afloat, and UBS stepped in. Credit Suisse suffered idiosyncratic problems, such as a spying scandal involving former CEO Tidjane Thiam, as well as crises relating to its relationships with hedge fund Archegos Capital and financial group Greensill Capital. "There's already a lot of soul searching about what fintech business models are," says Paul Rolles, an ex-Morgan Stanley managing director and cofounder of money-management service HyperJar. Rolles believes the banking issues of the past couple of weeks are as much about confidence as intrinsic issues.

☆ Exclusive: U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors
▼ + stars: | 2022-12-01 | by ( Foo Yun Chee | ) www.reuters.com time to read: +3 min

REUTERS/Paresh Dave/File PhotoBRUSSELS, Dec 1 (Reuters) - The U.S. Chamber of Commerce and 12 other groups on Thursday warned the European Union against adopting rules that could exclude Amazon (AMZN.O), Alphabet (GOOGL.O) unit Google, Microsoft (MSFT.O) and other non-EU cloud services providers from the European market. ENISA's draft dated May seen by Reuters sets out requirements for a certified cloud service provider (CSP) aimed at preventing and limiting interference from non-EU states with the operation of certified cloud services. "If other countries were to pursue similar policies, European cloud providers could see their own opportunities in non-EU markets dwindle," they said. Not all cloud services," a spokesperson said. The size of the global government cloud market is expected to reach $71.2 billion by 2027 from $27.6 billion in 2021, according to market research firm Imarc Group.

☆ Analysis: Wanted: an oxygen monitor reliable for all races
▼ + stars: | 2022-11-02 | by ( Nancy Lapid | ) www.reuters.com time to read: +6 min

Expert advisers to the U.S. Food and Drug Administration met virtually on Tuesday to discuss improvements in standards for pulse oximeters. Imarc Group market research firm forecast the global pulse oximeter market reaching $3.25 billion by 2027. Pulse oximeter problems "suddenly became enormous" during the pandemic, said Dr. Philip Bickler, director of the University of California, San Francisco's (UCSF) Hypoxia Research & Pulse Oximeter Test Facility. Current rules require that pulse oximeters be tested in a minimum of just 10 subjects, only two of whom must be "darkly-pigmented." While the devices are still useful, UCSF's Bickler said, doctors "should not base patient care only on pulse oximeter findings."

☆ Berkshire's Brooks running unit settles trademark case against Brooks Brothers
▼ + stars: | 2022-10-26 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

REUTERS/Carlo AllegriOct 26 (Reuters) - Brooks, the running shoe unit of billionaire Warren Buffett's Berkshire Hathaway Inc (BRKa.N), has settled a lawsuit accusing the retailer Brooks Brothers of diluting its reputation and confusing customers by marketing athletic wear with the "Brooks" name, but without "Brothers." It objected last year to Brooks Brothers' launch of "faux" athletic wear, saying it threatened to "demoralize" consumers who associate the Brooks name with high-quality athletic wear, and to Brooks Brothers' "Back to Brooks" marketing campaign. Brooks Brothers countered that the lawsuit was an "ill-conceived ploy" to evade the coexistence agreement, and demanded Brooks' compliance. Founded in 1818, Brooks Brothers is the oldest continually-operating U.S. clothing retailer. The case is Brooks Sports Inc v SPARC Group LLC, U.S. District Court, Western District of Washington, No.

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