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☆ Amazon just released its Temu killer and Bank of America likes the move
▼ + stars: | 2024-11-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Bank of America sees Amazon' s discount storefront offering as a beneficial tool in fending off Temu and Shein. The e-commerce giant launched its Haul platform on the Amazon app, exclusively featuring products under $20. Bank of America analyst Justin Post said Temu and Shein's growth over the past year created a headwind of 1 percentage point for Amazon, according to an analysis of Bloomberg Second Measure data. Amazon's new offering comes as retailers have tried to compete with Temu and Shein, which are known for their low price tags. He said Amazon and these other companies could face obstacles if President-elect Donald Trump's proposed tariffs on imports come to fruition.

Persons: Justin Post, Temu, Donald Trump's, Post, LSEG Organizations: of America, Shipping, Bank of America, Amazon, Bloomberg

☆ Amazon debuts discount store with everything under $20 to take on Temu and Shein
▼ + stars: | 2024-11-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon has rolled out a new storefront featuring apparel, home goods, electronics and other items priced below $20, to fend off growing competition from discount upstarts Temu and Shein. Called "Amazon Haul," the storefront is accessible through the company's mobile app, and promises "crazy low prices" on a plethora of goods. CNBC previously reported that Amazon planned to launch its own discount webstore with goods shipped directly from China. With Amazon Haul, the company is responding to the rise of Temu, Shein and TikTok Shop, which all have ties to China, the world's second-largest economy. Amazon is able to offer low prices through its Haul storefront by importing each item directly from manufacturers in China, similar to how Temu's and Shein's business models operate.

Persons: Dharmesh Mehta, it's Organizations: Shoppers, Amazon, CNBC Locations: China, U.S

☆ Online retailer Shein to hold roadshows soon ahead of London IPO, Reuters reports
▼ + stars: | 2024-10-04 | by ( ) www.cnbc.com time to read: +2 min

The logo of fast fashion e-commerce company Shein outside its office in Guangzhou in southern China's Guangdong province. Shein is set to hold informal investor meetings in the coming weeks for its planned London initial public offering, three sources with knowledge of the matter said, pushing ahead with preparations as it awaits U.K. regulatory approval. The China-founded online retailer plans to hold informal roadshows mainly across Europe, one of the sources said, during which an IPO-bound company fields large investors' questions and tests their investment appetite. Shein confidentially filed papers with Britain's markets regulator in early June, kicking off the process for a potential London listing by the company later in the year, Reuters reported in June, citing sources. Shein's preparations for a potential London listing marks a shift from its long-running U.S. IPO plan, which has run into obstacles at home and abroad, Reuters has reported.

Persons: Shein confidentially Organizations: Reuters, Financial, Authority Locations: Guangzhou, China's Guangdong province, Shein, China, Europe, Singapore, York

☆ Italy opens greenwashing probe into Shein website
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +1 min

GERMANY - 2024/08/16: In this photo illustration, a smartphone with the website of fashion e-commerce company Shein is seen in front of business logo. (Photo Illustration by Timon Schneider/SOPA Images/LightRocket via Getty Images)Italy's antitrust agency has launched an investigation into a Dublin-based company that operates Shein's website and app over possibly misleading environmental claims made on the fast-fashion retailer's website. Shein said it was "ready to cooperate openly with relevant Italian authorities, providing the necessary support and information to address any inquiries". The probe is the latest in a string of investigations by regulators across Europe into potentially misleading environmental claims by companies, as new European Union regulation seeks to crack down on greenwashing. It also said that Shein's website appeared to emphasize a commitment to decarbonization which seems to be contradicted by the increase in greenhouse gas emissions shown in Shein's sustainability reports for 2022 and 2023.

Persons: Timon Schneider, Shein's, Shein Organizations: Getty, Union Locations: GERMANY, Dublin, Europe

☆ U.S. safety regulator calls for probe of Temu, Shein over 'deadly baby and toddler products'
▼ + stars: | 2024-09-04 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Two U.S. Consumer Product Safety Commission members are urging the agency to probe safety practices of "foreign-owned" e-commerce platforms such as Shein and Temu, specifically the alleged sale of "deadly baby and toddler products." "Our interests are aligned with the U.S. Consumer Product Safety Commission (CPSC) in ensuring consumer protection and product safety, and we will cooperate fully with any investigation," the Temu spokesperson said. CPSC officials have asked for more funding to hire staffers to monitor emerging e-commerce platforms such as Temu and Shein over safety practices, according to The Information. Last April, a congressional commission released a report detailing issues with Shein, Temu and other "Chinese 'fast fashion' platforms.'" They alleged the sites have numerous product safety hazards, are connected to the use of forced labor and are exploiting trade loopholes, among other concerns.

Persons: Peter Feldman, Douglas Dziak, Temu, Shein Organizations: U.S, Consumer Product Safety, U.S . Consumer Product Safety, Discount, Google, PDD Holdings, Amazon, CNBC Locations: U.S, China

☆ Temu and Shein's soaring popularity has Wall Street eyeing China's influence on tech earnings
▼ + stars: | 2024-07-29 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +9 min

The topic of Temu and Shein's growth will hover over tech earnings this week, as Amazon reports second-quarter results alongside Meta, eBay and Etsy. watch nowIn Amazon's report on Thursday, the company is expected to show revenue growth of about 11% to $148.6 billion, according to LSEG. That's where Temu and Shein come into play, as merchants now have new ways to get products to American consumers. Amazon has continued to highlight its delivery prowess and its focus on speed in the face of growing competition from Temu and Shein. However, while it's long touted itself as the "lowest-priced U.S. retailer," Amazon has shown that it's well aware of Temu and Shein's increasing popularity.

Persons: Stefani Reynolds, David Zapolsky, Zapolsky, it's, Shein, Andy Jassy, Jassy, It's, Angus Mordant, Temu, Meta, Susan Li, Jamie Iannone, Etsy, Amazon, Amazon's Zapolsky Organizations: Apple, CNBC, Afp, Getty, eBay, Meta, Etsy, Tech, YouTube, Microsoft, Intel, Qualcomm, Google, PDD Holdings, Amazon, European Union, Bloomberg, Barclays, Finance, EBay, Bank of America, Walmart Locations: U.S, China, Temu, New York, Asia, Pacific, San Francisco, Singapore

☆ TikTok is betting its future on e-commerce. Should it?
▼ + stars: | 2024-07-26 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +8 min

From conversations with e-commerce analysts, TikTok Shop partners, sellers, and creators, it's clear that Shop is growing steadily in the US and driving meaningful sales for some brands. TikTok Shop is also showing strong momentum in regions outside the US that have embraced social shopping more, like Southeast Asia. Order-tracking platform Route saw global order volume on TikTok Shop grow a modest 35% between January and June. AdvertisementWhat's working for TikTok ShopWell-timed promotional campaigns and live selling have bolstered TikTok Shop's growth this year, agency sources told BI. TikTok Live has become an e-commerce hub for all types of sellers, including pre-owned luxury retailer What Goes Around Comes Around, which has a streaming studio in its store.

Persons: —, influencers, TikTok, it's, It's, Nicole Rechtszaid, Steele, Pena, Rechtszaid, Dan Whateley, Julian Reis, SuperOrdinary, Reis, we've, Michael Yamartino Organizations: Service, Business, TikTok Shop, TikTok, Ghost Agency, Amazon's, livestreams Locations: Southeast Asia, Paris, Maybelline New York, Asia, China

☆ Amazon's Asian rival Shein wants to be supply chain giant, but some fear Chinese cyber spying inside global trade links
▼ + stars: | 2024-07-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +13 min

Shein logistics software is in beta testing with select supply chain customers, according to a person familiar with its plans. "Shein's software could provide unprecedented access to sensitive supply chain data, which the Chinese government could seize under its laws. This exposure poses a direct threat to U.S. supply chain integrity, making it vulnerable to exploitation and manipulation." Even with a headquarters based in Singapore, company supply chain data could be subject to seizure by the Chinese. Shein's fast rise to dominance Shein's dominance lies in the company's hyper-flexible supply chain, according to a recent report from supply chain intelligence firm Zero100.

Persons: Jade Gao, Shein, cybersecurity, Lee Kair, Kair, Dewardric McNeal, McNeal, Ram Ben Tzion, Ben Tzion, Department of Homeland Security's, Shein's, Srini Cherukuri, Chris Xu's, Zero100, Eric Fullerton, Project44 Organizations: Shein, Afp, Getty, Transportation Security Administration, U.S, Authentic Holdings, Simon Property Group, Longview Global, Obama administration's Department of Defense, CNBC, Standards Organization, Secretariat, IAF, Microsoft U.S, EU, Social, International, Uyghur Forced Labor, Department of Homeland, Border Patrol, New York, ITS Logistics, Logistics Locations: Guangzhou, China's Guangdong, Jade, China, U.S, Exiger, Shein, Asia, Singapore, Frankfurt, Germany, Xinjiang Province, Customs, York, United States

☆ UK human rights group launches campaign to stop Shein's potential London IPO
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +1 min

UK-based human rights group Stop Uyghur Genocide has launched a legal campaign to block Shein's potential London listing over concerns about its labor practices, a law firm representing the campaign group said on Wednesday. UK-based human rights group Stop Uyghur Genocide has launched a legal campaign to block Shein's potential London listing over concerns about its labor practices, a law firm representing the campaign group said on Wednesday. Human rights law firm Leigh Day has written to the UK's Financial Conduct Authority to urge the regulator to refuse any attempt by Shein to list on the LSE, it said. Shein did not immediately respond to a Reuters request for comment, while the FCA declined to comment. On Tuesday, Amnesty International UK said Shein's potential London initial public offering would be a "badge of shame" for the London Stock Exchange because of the fast-fashion firm's "questionable" labor and human rights standards.

Persons: Leigh Day, Shein Organizations: Authority, LSE, Amnesty International, London Stock Exchange

☆ Shein and Temu use a US tax loophole to keep their prices low. Now, some American brands are, too.
▼ + stars: | 2024-06-26 | by ( Madeline Stone | ) www.businessinsider.com time to read: +7 min

De minimis shipments have also grown more popular with American brands looking to save money in their supply chains. AdvertisementThe startup Portless emulates Shein's model by fulfilling online brands' orders in China and shipping them directly to customers. Even though awareness of de minimis has grown, Section 321 shipments still account for only about 5% of ShipHero's business overall. At the end of May, The Information reported that US Customs and Border Protection had begun cracking down on de minimis shipments, including suspending several brokers from a program called Entry Type 86, designed to speed up de minimis shipments. "The American brands that we service are more profitable and do better prices to their customers."

Persons: —, it's, Portless, Izzy Rosenzweig, Jolie, Evan, Matt Nichols, JADE GAO, minimis, Prince Ghosh, Maggie Barnett, Barnett, Temu, I'm, Rosenzweig Organizations: Service, Business, Commerce Ventures, US, Lawmakers, Chinese Communist Party, Customs, Protection Locations: China, Portless, San Francisco, Canada, Mexico, American, Canada's

☆ CNBC Daily Open: Dow jumps as investors rotate out of tech; Nvidia sinks
▼ + stars: | 2024-06-25 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow up, Nvidia sinksThe Dow Jones Industrial Average rose 260 points as investors rotated out of technology and into banking and energy stocks, such as Goldman Sachs and Chevron. He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts.

Persons: Dow, Goldman Sachs, David Rubenstein, Rubenstein, CNBC's Andrew Ross Sorkin, Donald Trump, Bitcoin, James Butterfill, Shein Organizations: CNBC, Nvidia, Dow Jones, Chevron, Nasdaq, Treasury, The Carlyle, Federal Reserve, Novo Nordisk Locations: Israel, Lebanon, Novo, North Carolina, Danish, London, U.S, Beijing, Singapore, China

☆ Fast fashion retailer Shein confidentially files for London IPO
▼ + stars: | 2024-06-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein, the fast fashion giant with links to China, has confidentially filed for a public listing in London as it faces backlash in the U.S., a person familiar with the matter told CNBC. Elected officials in the U.S. have repeatedly expressed concerns about the use of forced labor in Shein's supply chain and its use of a U.S. tax law exemption known as de minimis. Shein would still prefer to go public in the U.S., sources previously told CNBC, and its filing in London doesn't mean that an IPO will happen there. It's unclear if Beijing has signed off on the London listing. Shein's London filing marks another twist in the company's so-far long road to a public markets debut.

Persons: Shein, It's, Donald Tang, — CNBC's Sara Salinas Organizations: CNBC, U.S, National Retail Federation, U.S . Securities, Exchange Commission, Wall Street Journal, SEC Locations: China, London, U.S, Beijing, Singapore, Xinjiang

☆ Experts say Shein's U.S. IPO is all but dead
▼ + stars: | 2024-06-21 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

The Shein logo can be seen on a smartphone, while the Chinese online retailer's website is open on a laptop. China-founded e-commerce company Shein's hopes of going public in the United States are growing slimmer by the day, according to experts, as rising tensions between Beijing and the U.S. roil business and trade. A London IPO could, in theory, be easier than a U.S. offering, according to Bochanis. If Shein's London IPO succeeds, it is unlikely to keep pursuing a U.S. offering, said University of Florida finance professor Jay Ritter, who studies IPOs. It became one of the first prominent Chinese companies to do so in the U.S. even as the Biden administration has increasingly cracked down on Chinese-made electric vehicles.

Persons: Shein's, confidentially, Angelo Bochanis, Bochanis, Jay Ritter, Zeekr, Biden Organizations: U.S, National Retail Federation, CNBC, TJX Companies, UBS, Target, Walmart, Renaissance, Securities and Exchange Commission, London Stock, University of Florida Locations: China, United States, Beijing, U.S, London

☆ Shein's CEO is so low-profile his employees don't even recognize him: report
▼ + stars: | 2024-06-18 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

Read previewFast-fashion giant Shein is gearing up for its widely-anticipated debut as a public company. But one key figure has stayed out of the spotlight: CEO Xu Yangtian, also known as Sky Xu. Even Xu's own employees don't recognize him in the office, the South China Morning Post reported on Monday. As a public company CEO, he'll be expected to participate in regular updates — UK companies are not required to have quarterly earnings calls, but most do — and interact with investors. Loyalty to China under scrutinySo far, Shein's public face has been executive chairman Donald Tang.

Persons: —, Xu Yangtian, Xu, Chris Xu, Shein, Frances Townsend, Townsend, he'll, Jack Ma, Donald Tang, Bear Stearns, Tang Organizations: Service, TikTok, Business, China Morning Post, Wall, Bloomberg, Shein's, Street, Shein, Milken, Pacific, Financial Locations: Guangzhou, London, China, Shanghai, Beijing

☆ Shein wants to sell the supply-chain tech it used to disrupt online shopping. Retail experts say brands may have concerns.
▼ + stars: | 2024-06-06 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

Shein has also grown beyond its fashion roots, selling products in categories such as home goods, electronics, and office supplies. A Shein spokesperson said the company's success did not depend on the de minimis provision. The Shein spokesperson said the company had a "zero-tolerance policy for forced labor" and required its "contract manufacturers to only source cotton from approved regions." "Shein suppliers and third-party sellers are required to comply with company policy and certify their products do not infringe third-party IP." "Currently, Shein just sells the very low-cost products, but including various brands in its platform, it can sell products at various price ranges," he said.

Persons: —, Shein, Donald Tang, Evelyn Gong, who's, It's, confidentially, Prince Ghosh, Ghosh, Christophe Archambault, Gong, minimis, wouldn't, JADE GAO, hasn't, Anand Kumar Organizations: Chain Management, Service, Industry, Wall Street Journal, Carnegie Mellon University's Tepper School of Business, Research, London Stock Exchange, Brands, Walmart, Walmart Commerce Technologies, Department of Homeland Security, Labor, CNBC, National Retail Federation, Coresight Research, Shein Locations: China, Singapore, Paris, minimis, Shein, Guangzhou

☆ Fashion firm Shein to file 50 billion pound London IPO prospectus, Sky reports
▼ + stars: | 2024-06-02 | by ( ) www.cnbc.com time to read: +1 min

Shein sign during its opening, at ABC Serrano, on 26 April, 2024 in Madrid, Spain. Online fashion firm Shein is preparing to file a prospectus with Britain's Financial Conduct Authority for approval ahead of a potential London float which could value it around 50 billion pounds ($63.70 billion), Sky News reported on Sunday. The confidential filing could take place as soon as the coming week, the report added, citing sources. The fast-fashion company stepped up preparations for its London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmakers. However, senior British lawmakers are also questioning Shein's suitability for a London listing and calling for greater scrutiny of the business.

Persons: ABC Serrano, Shein Organizations: ABC, Britain's Financial, Authority, Sky News, London Stock Exchange, Reuters Locations: Madrid, Spain, London, New York, U.S

☆ Fast-fashion behemoth Shein is preparing for an IPO. Here's an inside look at the challenges it could face.
▼ + stars: | 2024-05-30 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +11 min

Its peak $100 billion valuation once made it the world's third largest privately-held company, behind TikTok owner Bytedance and Elon Musk's SpaceX. Estimates have pegged Shein's IPO valuation at around $90 billion, Bloomberg reported last year. AdvertisementTo gauge what happens to some Shein items once they're returned, BI reporters in the UK put two AirTag trackers on Shein garments and sent them back. Shein is more directly involved in production and focuses on clothes, but Temu's popularity "could affect the valuation," Swartz said. In a November statement following the news of Shein's IPO, chairman Mike Gallagher urged investors and banks underwriting the move to "carefully examine Shein's regulatory and compliance programs."

Persons: —, Bytedance, Sky Xu, Yangtian Xu, Chris, Shein, confidentially, David Swartz, Swartz, Lululemon, JADE GAO, Stephanie Benedetto, Queen, Benedetto, they're, Shein's, Morningstar's Swartz, Temu, Mike Gallagher Organizations: Service, Elon, SpaceX, Business, Reuters, Authentic Brands, Wall Street, CNBC, Bloomberg, Morningstar, Zurich Insurance Group, Guardian, BI, Coventry Airport, SEC, Street, Financial Times, London Stock Exchange, Chinese Communist Party, Nike, Adidas Locations: China, —, Singapore, Sequoia China, London , Hong Kong, York, London, Canary Wharf, Coventry, Walsall, Northern Ireland, England, Kent, Washington, Xinjiang, Dublin, Shein

☆ Alibaba's global arm signs David Beckham as international e-commerce brand ambassador
▼ + stars: | 2024-05-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba's international e-commerce platform AliExpress is a UEFA Euro 2024 sponsor and has signed David Beckham as its global brand ambassador. BEIJING — Soccer star David Beckham will promote Alibaba 's international e-commerce platform, AliExpress, in its biggest global brand ambassador partnership to date, the business unit announced Monday. AliExpress, which did not disclose how much it was paying Beckham to be its global brand ambassador, has joined several Chinese companies in sponsoring the UEFA European soccer championship that kicks off in mid-June. "AliExpress is helping fans get even closer to UEFA EURO 2024™ this summer, by offering them great prizes as the action takes place on the pitch," Beckham said in his only statement in the press release. Beckham's company, DRJB Holdings, said in its latest available filing it made 72.6 million pounds ($92.5 million) in revenue in 2022.

Persons: David Beckham, Alibaba, Beckham Organizations: UEFA, BEIJING — Soccer, PDD Holdings, DRJB Holdings Locations: BEIJING, China, UEFA European

☆ Shein suppliers work 75-hour weeks, report claims as Chinese fast-fashion giant looks to IPO
▼ + stars: | 2024-05-16 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

As fast-fashion giant Shein prepares for an IPO in the U.S., a new report suggests that workers at some of its suppliers are still clocking 75 hour weeks, despite assurances the company would tighten its labor standards. Following negative press in the wake of the previous report, Shein promised to improve its standards. However, a new survey by Public Eye, which polled 13 workers across six suppliers in China, has found little progress. "I work every day from 8 in the morning to 10.30 at night and take one day off each month. I can't afford any more days off because it costs too much," Public Eye cited one worker as saying.

Persons: Shein Organizations: Public, CNBC Locations: Guangzhou, China's, Guangdong, U.S, Swiss, China

☆ Shein's U.S. charm offensive and IPO could hinge on NRF membership. So far, it's been rejected
▼ + stars: | 2024-05-13 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

Open to allIt's unclear why the NRF rejected Shein's membership application, but according to one of the people familiar, someone with sway is strongly against the company's admittance. The NRF's board has a leadership team and an executive committee. An NRF membership application form that can be found online states: "Companies principally engaged in retailing are eligible for membership in the Federation." Two of the board members said they weren't aware of any instances where the NRF denied a retailer membership. "I don't think they are in the business of turning anyone down," one of the board members told CNBC.

Persons: Scott Olson, Matthew Shay, Courtney Reagan, CNBC Steve Dennis, Neiman, Sears, Dennis, Shein, John Furner, Bob Eddy, Mike George, Brian Cornell, Tony Spring, wasn't, Wang Ying, Ashley Sanchez, Joscelin Flores, Allen J, They've, Temu, it's Organizations: Getty, National Retail Federation, CNBC, Neiman Marcus, New York Stock Exchange, Shay, Walmart U.S, BJ's Wholesale, Qurate, QVC, Federation, Brands, Publicis Groupe, Coresight, Xinhua News Agency, Forum, World Retail, Los Angeles Times, Chinese Communist Party Locations: Whitestown , Indiana, New York City, America, U.S, New York, United States, Hamburg, Germany, Los Angeles, Paris, Davos, Switzerland, Las Vegas, Shoptalk, Fontana, Ontario Mills, Ontario

☆ Shein is winning over American consumers but not the National Retail Federation
▼ + stars: | 2024-05-13 | by ( Gabrielle Fonrouge | ) 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 is winning over American consumers but not the National Retail FederationCNBC’s Gabrielle Fonrouge joins 'Power Lunch' to discuss Shein's continued attempt to become a member of the National Retail Federation.

Persons: Gabrielle Fonrouge, Shein's Organizations: National Retail Federation

☆ Shein made $2 billion in profits last year. That's a lot of fast fashion.
▼ + stars: | 2024-04-01 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

That beats the fiscal year of rival fast fashion company H&M. AdvertisementIt appears we consumed quite a bit of fast fashion last year. AdvertisementFor a generation of shoppers who say they like to be environmentally conscious, that's a lot of fast fashion — an industry that relies on cheap labor but comes with a heavy environmental cost. Still, it was a recognition from the fast fashion giant that it knows who its audience is and what they care about. But for now, it's onward and upward for fast fashion.

Persons: Zers, millennials, —, Barron's, It's, Shein, Janus, Jadrian Wooten Organizations: Service, Financial Times, United Nations Environment, New, Virginia Tech, Sheffield Hallam University, & $ Locations: Zara, England, Guangzhou, China

☆ Shein is considering moving its massive IPO from New York to London amid scrutiny over its supply chains and ties to China
▼ + stars: | 2024-02-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Fast-fashion giant Shein is considering moving its IPO from New York to London. US lawmakers have cited concerns over Shein's supply chain and its ties to the Chinese Communist Party. AdvertisementFast-fashion brand Shein may move its initial public offering, or IPO, from New York to London, Bloomberg reported on Tuesday. It was seeking a valuation of $80 billion to $90 billion, Bloomberg reported at the time. This would put it just behind Porsche's $9.1 billion IPO in 2021, per Bloomberg records.

Persons: —, confidentially, It's, Shein, Marc Rubio Organizations: SEC, Chinese Communist Party, Service, Bloomberg, US Securities and Exchange Commission, Business Locations: New York, London, China, Singapore, Hong Kong, Xinjiang

☆ Meta's continued rally could hinge on the fortunes of upstart retailers Temu and Shein
▼ + stars: | 2024-01-31 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +9 min

Temu is owned by PDD Holdings , a Chinese company that moved its principal office to Ireland last year. Meta is expected to report revenue growth of 22% for the quarter to $39.2 billion, according to analysts surveyed by LSEG, formerly Refinitiv. JMP analysts estimated that Temu and Shein spent roughly $600 million and $200 million, respectively, on Facebook and Instagram ads in the third quarter. In December, Temu sued Shein, alleging questionable business practices and a "mafia-style intimidation of suppliers," according to legal documents. Meta isn't the only U.S. internet company effected by the speedy growth from Temu and Shein.

Persons: Mark Zuckerberg, Jack Ma, Shu Zhang, Victor Lee, Lee, who's, Shein, Meta, Pavlo Gonchar, Temu, didn't, Susan Li, data.AI, It's, Chris Mack, Harding Loevner, they've, Mack, Shein confidentially, Mike Gallagher, Gallagher, Brian Wieser, Josh Silverman, Silverman Organizations: Alibaba, China Development Forum, Reuters, Facebook, Hasbro, Unified Commerce, Amazon, PDD Holdings, U.S, Mobile, Meta, LSEG, Getty, CNBC, Cyberspace Administration, China, Street Journal, Google Locations: Beijing, China, Ireland, Singapore, UKRAINE, U.S, United States, Wall, Asia, Pacific, Temu, Meta

☆ Shein and Temu use a loophole to ship millions of packages to the US tax-free. Here's why the tax rule faces increased scrutiny.
▼ + stars: | 2024-01-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

The other bill, from Sen. Bill Cassidy and Sen. Tammy Baldwin, would ban de minimis shipments from China. The provision is more likely to change — a prospect that both Shein and Temu have said they support. Jennifer Ortakales Dawkins/InsiderShipping consultancy ShipMatrix estimates that Shein and Temu each ship more than a million packages to the US daily. It added that almost 50% of all de minimis shipments to the US come from China. Related stories"Changes to the exemption could create a paradigm shift for retailers like Temu and Shein," Bank of America analysts wrote in the note.

Persons: minimis, Earl Blumenauer, Russia —, Bill Cassidy, Sen, Tammy Baldwin, Cassidy, Baldwin, Jay Sole, It's, Jennifer Ortakales Dawkins, Shein's, Temu, Shein, Donald Tang, SHEIN, de minimis, they've, Steve Story, Sole, Satish Jindel, ShipMatrix, Jindel Organizations: Business, Customs, Rep, Bank of America, US Chamber of Commerce, Express, UBS, Pinduoduo Holdings, Goods, Shipping, Chinese Communist Party, China . Shipping, Wired, Shein, American Apparel and Footwear Association, Apex Logistics International, Walmart Locations: Xinjiang, China, Russia, Sen, Singapore, Boston, minimis, United States, mstone@insider.com

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