DIRS.INFO The most relevant business & tech news

☆ CEO of eBay lays out his master plan to fend off new rivals like TikTok and Shein with AI and live-shopping features
▼ + stars: | 2023-07-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Jamie Iannone, eBay's CEO, spoke with Insider about the next phase in the e-commerce giant's evolution. Iannone said eBay's size would empower it against emerging competitors such as TikTok and Shein. But the number of new eBay buyers grew for the second straight quarter, Iannone said. The next version of that product is set to use image recognition, allowing eBay's sellers to create a product listing based on a photo. When asked about new competitors such as TikTok, Shein, and Temu, Iannone said eBay was "focused on our strategy and how we win."

Persons: Jamie Iannone, Iannone, what's, we've Organizations: eBay, Walmart, Reuters, Brand Locations: China

☆ Digital ad vultures descend on TV’s carcass
▼ + stars: | 2023-07-28 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, July 28 (Reuters Breakingviews) - The digital advertising hunt is back on. Reuters Graphics Reuters GraphicsAlthough Meta and Alphabet dominate the digital ad market, there’s plenty of money yet to fight for. Comcast (CMCSA.O), for example, said on Thursday that U.S. ad revenue at its NBC Universal media division fell 5% and overall EBITDA was down nearly a fifth. Despite the volatile nature of advertising revenue because of its close links to economic trends, it also typically generates healthy operating margins. It’s no wonder then that Amazon.com (AMZN.O), Walmart (WMT.N), DoorDash (DASH.N) and many more are descending on TV’s carcass.

Persons: Mark Zuckerberg, Jerome Powell, WPP’s, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Meta, Google, Uber Technologies, Netflix, Facebook, YouTube, Conference Board, Federal, PepsiCo, Reuters Graphics Reuters, Comcast, NBC Universal, Walmart, Thomson Locations: New York

Reuters reports the fast fashion retailer is targeting a U.S. IPO in the second half of 2023. Shein notched its highest profit ever during the first half of this year, the company told investors in a letter, as rumors swirl over whether the fast-fashion juggernaut will file for a U.S. public offering. "We recorded the highest first half net profit in the company's history, compared to a near break-even during the same period in 2022," Tang wrote in the letter. In the letter, Tang delved into Shein's marketplace strategy and its recent launch in Brazil and the U.S. "This now makes up over one-third of Brazilian total [gross merchandise value]," Tang noted.

Persons: Shein, Donald Tang, Tang, Gen, Tang didn't Organizations: Reuters, U.S, CNBC, Wall Street Locations: Tokyo, U.S, Brazil, Mexico, Germany, Spain, France, Italy

JAKARTA/HONG KONG, July 27 (Reuters) - TikTok said it has no plans to roll out a cross-border business in Indonesia as a government minister on Thursday expressed concerns over how reported plans for a new e-commerce push by the firm could flood the country with Chinese products. "We have no intent to create our own e-commerce product or become a retailer/wholesaler in Indonesia to compete with Indonesian sellers." The current localised TikTok Shop model "empowers and benefits" local sellers, and TikTok will continue with this approach, she added. The company said that its app has 325 million Southeast Asian users that are active every month while 125 million are in Indonesia. The company has said that there are 2 million small businesses on TikTok Shop in Indonesia.

Persons: TikTok, China's ByteDance, Masduki, Fiki, Temu, Anggini Setiawan, Shou Zi Chew, Stanley Widianto, Josh Ye, Brenda Goh, Conor Humphries Organizations: Reuters, Indonesia's, Cooperatives, Enterprises, PDD Holdings, U.S, of Communications, TikTok, Thomson Locations: JAKARTA, HONG KONG, Indonesia, United States, Indonesian, Europe, TikTok Indonesia, Asia, Jakarta, Hong Kong

☆ China VC slump is set to drag Asia-Pacific fundraising down to a decade low
▼ + stars: | 2023-07-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Jason Lee | ReutersBEIJING — China-focused venture capital and other private investment funds have had a slow start to the year and are set to drag down Asia-Pacific fundraising to the lowest in 10 years. Alternative assets include venture capital, but not publicly traded stocks and bonds. watch nowChina-focused venture capital funds raised $2.7 billion in the second quarter, a drop of more than 50% from the first quarter, Preqin said. That dragged down overall VC fundraising in Asia-Pacific to $4.5 billion in the second quarter, the lowest in at least five years, the report said. In China, new rules for private investment funds are set to take effect Sept. 1, with a stated goal of "guiding" venture capital investment for long-term investment in "innovative startups."

Persons: Jason Lee, Angela Lai, Preqin, Andrew J, Sherman, Brown Rudnick, Lai Organizations: Reuters, U.S, D.C, CNBC, Partners Locations: Reuters BEIJING — China, Asia, Pacific, Preqin, China, U.S, Sherman , Washington, India, Japan

☆ The 50 most bizarre things we found on Shein
▼ + stars: | 2023-07-26 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +1 min

The company takes an approach similar to Amazon, relying on third-party sellers to supply products. You can now shop for home appliances, garden supplies, pet accessories, and fishing gear. The company takes an approach similar to Amazon, relying on third-party sellers to supply many of these products. Alongside essentials like office supplies and bedding, Shein sells some quirkier products like garden gnomes and chicken helmets. Here are 50 random and wacky things you can buy on Shein.

Persons: Shein Organizations: Service Locations: Wall, Silicon

☆ Shein is not just for fashion anymore. Here are the wildest things you can buy on the site, from a sauna to a mobility scooter.
▼ + stars: | 2023-07-26 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +1 min

Persons: Shein Organizations: Service Locations: Wall, Silicon

☆ TikTok takes on Chinese e-commerce companies in new strategy
▼ + stars: | 2023-07-25 | 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 EmailTikTok takes on Chinese e-commerce companies in new strategyCNBC's Deirdre Bosa and Steve Kovach join 'Power Lunch' to report on TikTok taking on Shein and Temu in new e-commerce strategy.

Persons: Deirdre Bosa, Steve Kovach

☆ TikTok to launch e-commerce platform in US to sell China-made goods - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - TikTok is planning to launch in early August an e-commerce platform to sell China-made goods in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan. TikTok did not immediately respond to a Reuters request for comment. The reported move comes at a time when TikTok is facing heightened scrutiny from U.S. officials over concerns about data security. The company is fighting to prevent a ban in the country after lawmakers introduced a bill that would grant the Biden administration authority to ban apps that pose security risks. (This story has been refiled to add source in the headline)Reporting by Zaheer Kachwala; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: TikTok, Zaheer Kachwala, Shailesh Organizations: Wall Street, Biden, Thomson Locations: China, United States

Shein has denied using forced labor and that it was planning to go public in the U.S. this year. U.S. lawmakers are also questioning Shein's data privacy and use of a U.S. duty exemption on low-priced direct shipments to consumers. Shein's $600,000 lobbying outlay, filed on Friday, does not put it "among the biggest spenders," Auble said. By contrast, U.S. retailers Walmart spent $1.62 million and Gap spent $140,000 in the second quarter, lobbying disclosures showed. Since the 2022 third quarter, Shein has paid lobbying firms Hobart Hallaway & Quayle Ventures $500,000; and Akin, Gump Strauss Hauer & Feld $270,000, the firms' filings showed.

Persons: Daniel Auble, Shein, Auble, Akin, Gump Strauss Hauer, Feld, Arriana McLymore, Richard Chang Organizations: YORK, Capitol, Center for Responsive, Securities and Exchange Commission, Reuters, Labor, Walmart, Hobart Hallaway, Quayle, Thomson, & $, & $ Locations: China, Singapore, U.S, New York City

☆ 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

☆ As Macy's stock struggles, the retailer bets on private brands with more modern looks
▼ + stars: | 2023-07-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

NEW YORK — Macy's , the 165-year-old department store chain, is looking for ways to keep up with the newer kids on the block. On Wednesday, it showed off its newest private brand, On 34th, at its Macy's Herald Square flagship. The brand, named after the legacy store's Manhattan location, is made of up of women's clothing and accessories. The department store operator cut its full-year outlook last month, after seeing consumers pull back on purchases of clothing and other items. Some of Wall Street's worries are company-specific, as investors question whether the legacy department store can keep up with shoppers' changing tastes.

Persons: Tony Spring, Jeff Gennette, Nata Dvir, Gennette, Macy's Organizations: NEW, Target, Herald, Consumers Locations: Manhattan

☆ 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 and Temu are slapping each other with lawsuits as their epic battle for Gen Zers heats up
▼ + stars: | 2023-07-19 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

Shein alleged Temu infringed on its trademark and Temu alleged Shein violated antitrust laws. Now Temu is fighting back with its own lawsuit against Shein, filed last week. In Shein's lawsuit against Temu, the company alleged that Temu attempted a deliberate scheme to impersonate the Shein brand by creating fraudulent Twitter accounts. Shein also alleged that Temu contracted influencers to make disparaging comments about Shein. In Temu's lawsuit against Shein, the company alleged that Shein forced clothing manufacturers to sign agreements not to work for its rival.

Persons: Shein, Temu, Gen, they've, influencers Organizations: Service, Twitter, Reuters, Wall Street Journal, Bloomberg, Temu, Shein Locations: Wall, Silicon, Chinese, Singapore, China, Shein, Temu

REUTERS/Chen Lin/File PhotoJuly 17 (Reuters) - Chinese e-retailer Temu has filed a new lawsuit accusing rival Shein of violating U.S. antitrust law in its dealings with clothing manufacturers, escalating a legal clash for dominance in the fast-fashion market. Temu, represented by prominent U.S. law firm Boies Schiller Flexner, filed the new case on Friday in Boston federal court. The two companies are already embroiled in litigation in Chicago federal court, where Shein has alleged Temu worked with influencers to disparage Shein on social media. Temu's complaint alleged Shein "forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu." A spokesperson for Shein on Monday said Temu's lawsuit was "without merit and we will vigorously defend ourselves."

Persons: Chen Lin, Temu, Shein, Boies Schiller Flexner, influencers, YipitData, Temu's Boies Schiller, Denise Casper, Philip Korologos, James Denvir, Boies Schiller, Mike Scarcella, Josie Kao Organizations: REUTERS, Temu, Shein, District of, Thomson Locations: Singapore, Boston, Chicago, U.S, United States, Los Angeles, China, Europe, Asia, District of Massachusetts

☆ Bulls and bears are locked in a battle for Wall Street
▼ + stars: | 2023-07-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Bulls and bears have always engaged in battle on Wall Street. Before the Bell: Why is there a growing division between bulls and bears? If a rally continues, the bulls will say that the bears missed it. If it moves in the other direction, in a swift fashion, then the bears will say that the bulls were overly optimistic. “I don’t know if it’s going to lead to a soft landing, a mild recession or a hard recession,” Dimon said during the call.

Persons: Liz Young, Bell, Young, we’re, Jamie Dimon, I’ve, Matt Egan, Dimon, JPMorgan Chase, “ tailwinds, ” Dimon, ” Jeremy Barnum, ” Barnum, Coco Chanel ’, Ellie Stevens, Shein, “, Coco Chanel, Yves Saint Laurent, Xu Yangtian, Chris Xu, “ SHEIN, ” Organizations: CNN Business, Bell, New York CNN — Bulls, Big Tech, JPMorgan, CNN, JPMorgan Chase, First Locations: New York, Ukraine, First Republic, California

☆ 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 accused of using a mind-boggling mix of shell companies and algorithms to steal clothing designs, new RICO lawsuit alleges
▼ + stars: | 2023-07-13 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Fast fashion retailer Shein was accused in a federal lawsuit of directly copying designers' work. The lawsuit also accuses Shein of racketeering and claiming copyright infringement is central to the business model. The suit went on to allege that Shein's practice of using a conglomeration to facilitate the copyright infringement amounts to racketeering. They also offered her $500, an offer that the lawsuit claimed was consistent with other designers' experiences. It's hardly the first time that Shein has faced legal action related to allegations of copyright infringement.

Persons: Shein, Krista Perry, It's, Oakley, Ralph Lauren Organizations: Service, Street Locations: Wall, Silicon, Los Angeles

☆ I used TikTok's new 'Shop' feature to buy 7 items for $18 total, including clothes and a phone case. I was impressed with the quality, but wouldn't buy them again.
▼ + stars: | 2023-07-12 | by ( Marta Biino | ) www.businessinsider.com time to read: +1 min

When it comes to clothes, I like to try on the items in person and see the fabric quality before committing. The new feature is called "Trendy Beat" in the UK, and it's reportedly going to launch in the US as well, although TikTok hasn't provided details on that yet. Trendy Beat looks like lots of other online-shopping websites or apps. I tried out Trendy Beat in June when it was brand-new, so TikTok was offering major discounts, free shipping, and free returns to incentivize users to shop. Here's what my experience was like, from ordering to shipping to the quality of the items.

Persons: TikTok, Zers, it's, TikTok hasn't

☆ I spent $18 for 7 items from TikTok's new 'Shop' feature. Here's what the process was like, from shipping to product quality and fit.
▼ + stars: | 2023-07-11 | by ( Marta Biino | ) www.businessinsider.com time to read: +1 min

Here's what it was like, from shipping to product quality and fit. When it comes to clothes, I like to try on the items in person and see the fabric quality before committing. Trendy Beat looks like lots of other online-shopping websites or apps. I tried out Trendy Beat in June when it was brand-new, so TikTok was offering major discounts, free shipping, and free returns to incentivize users to shop. Here's what my experience was like, from ordering to shipping to the quality of the items.

Persons: TikTok, Zers, it's, TikTok hasn't

OTTAWA, July 11 (Reuters) - Canada's corporate ethics watchdog on Tuesday launched separate investigations into Nike Canada (NKE.N) and Dynasty Gold (DYG.V) to probe allegations that they used or benefited from forced Uyghur labor in their supply chains and operations in China. Nike Canada and Dynasty Gold are alleged to have or have had supply chains or operations in China identified as using or benefiting from the use of Uyghur forced labor, the Ombudsperson said in the statement. In the last couple of years several large U.S. and Canadian multinational companies have been accused of using Uyghur forced labor either directly or in their supply chains. The initial assessment into Nike details supply relationships with Chinese companies identified as using or benefiting from the use of Uyghur forced labor. The complaint against Dynasty Gold is that it benefited from the use of Uyghur forced labor at a mine in China in which the company holds a majority interest.

Persons: Ombudsperson Sheri Meyerhoffer, Ismail Shakil, Divya Rajagopal, Chris Reese, Sandra Maler Organizations: OTTAWA, Nike Canada, Responsible Enterprise, CORE, Reuters, U.S . Securities, Exchange Commission, Nike, Thomson Locations: China, Xinjiang, Beijing, Canadian, Ottawa, Toronto

☆ Temu sellers are now even copying product photos, descriptions, and entire Amazon storefronts, lawsuits allege
▼ + stars: | 2023-07-11 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Amazon sellers told Wired that sellers on the ultra-cheap marketplace Temu are copying their listings. Sellers told the publication that their Amazon sales have recently declined. According to an article by tech publication Wired, Amazon sellers have discovered their products are being sold on the ultra-cheap marketplace Temu for less. While the site has been known to sell counterfeit and knockoff goods, in some cases, Temu sellers have copied product photos, descriptions, and keywords directly from the original Amazon listings. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Sellers, Temu, they've, sneakerheads, Nike Air Jordan knockoffs, Shein, Ralph Lauren, Oakley, Martens Organizations: Service, Wired, Temu, Bloomberg, Nike Air Jordan, Amazon Locations: Wall, Silicon, Europe, China

☆ Shein parent company wants to force Twitter to reveal who is behind fake accounts impersonating the fast fashion brand
▼ + stars: | 2023-07-09 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

The parent company of Shein has accused rival fast fashion company Temu of online impersonation. Shein is also suing Twitter to reveal whether Temu was behind fake accounts that used its trademark. Ltd., the Singapore-based parent company of the Chinese brand Shein, argues that fake Twitter accounts use Shein trademarks to advertise non-Shein products and damage the brand's reputation. Accounts accused of impersonating the Shein brand have been suspended. "We understand that any further attempt to resolve this without Court intervention is futile," Roadget Business lawyers ominously wrote to Twitter's legal team in May.

Persons: Shein, Temu, —, Katherine Tangalakis, ominously Organizations: Twitter, Service, Shein, Roadget, Ltd, Roadget Business, Lippert, Temu Locations: Wall, Silicon, Singapore

☆ Shein Takes on Amazon in the Business of Selling Everything
▼ + stars: | 2023-07-08 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/shein-takes-on-amazon-in-the-business-of-selling-everything-47494efe

Persons: Dow Jones

☆ Shein is trying to broaden its appeal by luring luxury brands like Stuart Weitzman and Paul Smith to sell products on its marketplace
▼ + stars: | 2023-07-08 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

As part of its marketplace, Shein is offering a wide range of products from third-party sellers. Brands interested in selling on Shein must first reach $2 million in annual sales on Amazon, the Journal reported. Shein Marketplace sellers are eligible to receive incentives from the Chinese-owned company if they reach sales goals. For those that qualify, the company is offering big incentives to sell on Shein too. In the months following the marketplace launch, Shein has dealt with sellers offering counterfeit items on the platform.

Persons: Peter Pernot, Paul Smith, Stuart Weitzman, Shein, Sneakerheads Organizations: Brands, Service, Street Journal, Euromonitor International Locations: Wall, Silicon, United States

Search resuls for: "Shein"

25 mentions found