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☆ Shein wants to be the next Amazon Marketplace. It's already dealing with counterfeits and copyright issues.
▼ + stars: | 2023-07-06 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

Until recently, Shein has relied on sourcing its products through its on-demand manufacturing model. Last month, the Chinese-owned e-commerce company expanded its marketplace beyond clothing and introduced home appliances, electronics, gardening supplies, and kitchen utensils, among other categories. But to grow its offerings, the company took a page out of Amazon's Marketplace playbook and opened its marketplace to third-party retailers in May. In doing so, it may invite more of the same counterfeit and copyright infringement issues that Amazon's marketplace has faced. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Shein, —, skimpy swimsuits, Ralph Lauren, Oakley, Martens, sneakerheads Organizations: Service, Nike Air, US Customs, US Chamber of Commerce, Amazon, Bloomberg Locations: Europe, China

Goldman Sachs (GS.N), Morgan Stanley (MS.N) and JPMorgan Chase (JPM.N) are among the banks helping Shein with its IPO preparation, according to six of the sources. Didi was delisted from the New York Stock Exchange (NYSE) a year later amid Beijing's crackdown on Chinese technology giants over antitrust and data security rules. Shein officials in Singapore, where the company is headquartered, declined to comment on any IPO plans or on discussions with the investment banks and exchanges. Last week, Reuters reported that Shein had filed its IPO registration confidentially with the U.S. Securities and Exchange Commission. Shein was valued at more than $60 billion in a $2 billion private fundraising round in March.

Persons: Goldman Sachs, Morgan Stanley, JPMorgan Chase, Didi Global's, Didi, Shein, Chris Xu, Kane Wu, Julie Zhu, Greg Roumeliotis Organizations: YORK, Shein, New York Stock Exchange, Nasdaq, JPMorgan, NYSE, Reuters, U.S . Securities, Exchange Commission, SEC, General Atlantic, Tiger Global, Sequoia Capital, Thomson Locations: China, United States, Singapore, U.S, Beijing, Washington , U.S, Ukraine, China's Xinjiang, Xinjiang, Sequoia Capital China, Nanjing, China's, Jiangsu, Hong Kong, New York

☆ Story on Shein's IPO plans withdrawn
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: 1 min

July 4 (Reuters) - The June 29 story on Shein has been withdrawn because it incorrectly stated that the China-founded online retailer had registered with U.S. regulators for an initial public offering. A new story will follow. STORY_NUMBER: L1N38L1WFSTORY_DATE: 29/06/2023STORY_TIME: 1830 GMTOur Standards: The Thomson Reuters Trust Principles.

Persons: Shein Organizations: U.S, Thomson Locations: China

☆ Shein's rise: How the wildly popular but controversial Chinese brand became the most feared fast-fashion retailer in the world
▼ + stars: | 2023-07-01 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +1 min

Shein is a fast-fashion retailer that produces thousands of garments and accessories at a rapid pace. In 2022, the company was worth $100 billion — more than fast-fashion predecessors H&M and Zara combined. Shein has faced mounting backlash from critics who allege that it uses questionable labor practices and contributes to climate pollution. In its latest PR stunt, Shein invited influencers to visit its innovation center in China. After posting glowing reviews of their trips, the influencers faced a lot of backlash for ignoring mounting allegations of questionable labor ethics and concerns about Shein's role in climate pollution.

Persons: Zara, Shein, influencers Organizations: Service, Gen Locations: China

☆ Brazil offers tax advantages via e-commerce compliance program
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRASILIA, June 30 (Reuters) - Brazil's Finance Ministry announced on Friday an exemption from federal taxes on e-commerce purchases up to $50 for companies participating in a new compliance program by the tax revenue service. The program, starting Aug. 1, offers faster and cheaper customs treatment for e-commerce companies that voluntarily meet criteria set by the government, the ministry's statement said. Under the program, e-commerce companies must also inform consumers about the product's origin and the merchandise's total value, including federal and state taxes - procedures that are currently optional. The program will essentially relieve the revenue service of such tasks when e-commerce firms participate. The government had previously attempted to end exemptions on all shipments as some companies imported products as individuals to avoid higher rates.

Persons: Dado Ruvic, Alibaba Group's, Marcela Ayres, Emma Rumney Organizations: REUTERS, Brazil's Finance, HK, Thomson Locations: BRASILIA, AliExpress

☆ 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, ”, “

☆ H&M is selling $1.70 crop tops to compete with Shein
▼ + stars: | 2023-06-30 | by ( Grace Mayer | ) www.businessinsider.com time to read: +2 min

H&M is selling some crop tops for $1.70. H&M appears to taking a more aggressive pricing strategy in response to the threat from Shein. One of the crop tops, which comes in black and white, was marked down on Friday by nearly 70% from $4.99. Shein, the Singapore-based online retailer, first surged in popularity during the pandemic when customers were scouring for affordable retailers. A spokesperson for H&M declined to comment on when the brand started discounting tops to as low as $1.70.

Persons: —, Shein, Zara, Temu Organizations: Service, Street Journal, Google, UBS, Shein, Bloomberg Locations: Singapore, Shein

☆ China's Shein denies U.S. IPO rumors
▼ + stars: | 2023-06-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Two people hold two Shein bags after entering SHEIN's first physical store in Madrid, Spain, June 2, 2022. Chinese fast fashion giant Shein on Friday denied a Reuters report that said it has confidentially filed for an initial public offering in the U.S."Shein denies these rumors," a Shein spokesperson told CNBC. Shein was recently valued at $64 billion, according to Reuters. Shein told CNBC last week its policy is to "comply with the customs and import laws of the countries in which we operate" and that it will continue to "make import compliance a priority." Reuters noted the listing could make Shein the most valuable Chinese company to go public in the U.S. since Didi Global.

Persons: Shein, Chris Xu, Didi Organizations: Reuters, CNBC, . House, New Locations: Madrid, Spain, U.S, New York

☆ T.J. Maxx's small presence on the web is giving Shein and Temu a big advantage
▼ + stars: | 2023-06-30 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +5 min

Analysts said that rivals like Shein and Temu pose "major threats" to brands like T.J. Maxx. Certain brands can't be searched for directly by name on T.J. Maxx's online store. E-commerce is just a small part of TJX's businessShein and T.J. Maxx share a similar customer base. A representative for TJX declined to comment when Insider asked about the growing competition from companies like Shein and Temu and whether TJX plans to expand its online presence. Customers said that they liked shopping at T.J. Maxx because the brand offers good value for money and a chance to hunt for good deals.

Persons: Maxx, —, John Klinger, Calvin Klein, Gucci —, Ernie Herrman, TJX's Herrman Organizations: Service, UBS, TJX's, Nike, TJX, Customers, Maxx Locations: Maxx, Sierra, COVID

Didi was delisted from New York a year later amid Beijing's crackdown on Chinese technology giants over antitrust and data security rules. Shein has confidentially submitted its IPO registration with the U.S. Securities and Exchange Commission (SEC), the sources said. The stock market debut could come before the end of 2023, the sources added. Spokespeople for Shein and the SEC did not immediately respond to requests for comment. Reporting by Kane Wu and Julie Zhu in Hong Kong; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi, Shein, Kane Wu, Julie Zhu, Chizu Organizations: New, U.S . Securities, Exchange Commission, SEC, Shein, Thomson Locations: New York, United States, Hong Kong

☆ H&M to grow third-party brand strategy as online rivalry intensifies
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

STOCKHOLM, June 29 (Reuters) - H&M (HMb.ST) plans to sell more third-party brands online and in stores, CEO Helena Helmersson said on Thursday, as one of the world's top fashion retailers ramps up its effort to take on e-commerce rivals. Its marketplace strategy, launched last year, is aimed at challenging online rivals like Zalando, ASOS, and fast-fashion giant Shein as competition intensifies. Inditex-owned (ITX.MC) Zara features other brands only for exclusive collaborations, such as with South Korean label Ader Error and British shoemaker Clarks. "This has been really well received by customers who also complement the H&M assortment with other brands," Helmersson said. "Inditex's thinking is focused on its own brands, own stores and own online," said Lowery.

Persons: Helena Helmersson, M's, Zara, Clarks, Helmersson, Geoff Lowery, Inditex's Zara, Lowery, Marie, Helen Reid, Josephine Mason, Emma Rumney Organizations: Adidas, South, Marie Mannes, Thomson Locations: STOCKHOLM, Cos, Swedish, Monki, Hong Kong, Stockholm, London

☆ 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

[1/3] A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. Shein has confidentially submitted its IPO registration with the U.S. Securities and Exchange Commission (SEC), the sources said. In pressing on with its IPO plans, Shein is braving heightened tensions between the United States and China over trade, sensitive technology, human rights and the future of Taiwan. The United States bans exports from Xinjiang for this reason. U.S. lawmakers are also seeking to restrict the "de minimis" tariff exemption widely used by e-commerce retailers such as Shein to send orders from China to the United States.

Persons: Chen Lin, Didi, Shein, Chris Xu, Kane Wu, Julie Zhu, Chizu Nomiyama, Nick Zieminski Organizations: REUTERS, New, U.S . Securities, Exchange Commission, SEC, General Atlantic, Tiger Global, Sequoia Capital, Thomson Locations: Singapore, New York, United States, China, Taiwan, China's Xinjiang, Xinjiang, Sequoia Capital China, U.S, Ukraine, Nanjing, China's, Jiangsu, Hong Kong

☆ Shein, Temu violate U.S. tariff law and evade human rights reviews on imports, House report finds
▼ + stars: | 2023-06-29 | 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, Temu violate U.S. tariff law and evade human rights reviews on imports, House report findsHouse Select Committee on China Ranking Member Rep. Raja Krishnamoorthi (D-Ill.) joins 'Squawk Box' to discuss the U.S.-China competition, China's threat towards Taiwan, a bipartisan investigation into Chinese fast fashion brands Shein & Temu, and more.

Persons: Raja Krishnamoorthi Organizations: China, U.S . Locations: U.S, China, Taiwan

☆ H&M shares jump 11% as summer collection boosts profit
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Sales from June 1-27 were up 10% from a year earlier, a good sign for the start of H&M's third quarter. The womenswear collection drove the boost in sales, Helmersson told a news conference. Shares in the world's second-biggest fashion retailer jumped 11% to hit their highest level since February 2022. The stronger-than-expected profit and inventory position helped investors digest a weaker margin of 8.2% for the second quarter, down from 9.2% a year earlier. H&M last year announced layoffs and other cost cuts that it said would help it reduce costs from the second half of 2023 onwards.

Persons: Helmersson, Helena Helmersson, Inditex, Cedric Rossi, Bryan Garnier, Rossi Organizations: Oxford Locations: London, Europe, Zara, Paris, Swedish

☆ Shein sent American influencers to China. Social media users are furious
▼ + stars: | 2023-06-28 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +5 min

New York CNN —A group of American fashion influencers and creators has received online backlash after they visited a model factory in China as part of a tour sponsored by Shein, an internet shopping giant, and posted glowing reviews. Kenya Freeman, a designer who has sold clothing on Shein, traveled to China and Singapore, where Shein is now based, as part of the junket and shared videos on her Instagram account. In a statement, Shein said the social media videos posted by the influencers were authentic. But its meteoric rise has come with scrutiny, especially as relations between the United States and China have deteriorated. In April, a US congressional commission said Shein, online superstore Temu and others in China were potentially linked to the use of forced labor, exploitation of trade loopholes, product safety hazards or intellectual property theft.

Persons: Kenya Freeman, ” Freeman, ”, Freeman, Shein, Gen, Dani Carbonari, “, Destene Sudduth, Instagram, Kelly Kellen, Z, ‘ Organizations: New, New York CNN, Shein, CNN, Securities and Exchange Commission, Bloomberg, United, United Nations Environment Programme, Aurora University Locations: New York, China, Guangzhou, Kenya, Singapore, Atlanta, United States, Xinjiang

☆ 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

It is also looking to hire a lawyer with a specialty in trade compliance to help Temu create a protocol for screening merchandise, another posting showed. The U.S. House Select Committee on the China Communist Party in May launched an investigation into retailers' connections to forced labor in China's Xinjiang region, including any efforts to comply with the Uyghur Forced Labor Prevention Act. The committee last week released preliminary findings stating that Temu "does not have any system to ensure compliance" with the act. Temu's 80,000 "suppliers agree to boilerplate terms and conditions that prohibit the use of forced labor," the report said. Rights groups accuse Beijing of abuses including forced labor and placing 1 million or more Uyghurs - a mainly Muslim ethnic group - in internment camps in Xinjiang.

Persons: Temu, Shein, Arriana McLymore, Jamie Freed Organizations: YORK, PDD Holdings, New Zealand, Reuters, U.S, China Communist Party, Uyghur, Labor, Thomson Locations: U.S, Xinjiang, China, Canada, Australia, New, China's Xinjiang, United States, Xingiang, Beijing, New York

☆ Shein's average shopper is older than you think — and she's spending far more on clothing than your average American
▼ + stars: | 2023-06-26 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

The average Shein shopper is a nearly 35-year-old woman, according to a UBS report. While the average Shein customer skews older than the influencers associated with the brand, they are still 13 years younger than the average American adult shopper. The average Shein customer is female, earns $65,300 in annual income, and reported spending $100 per month on women's clothing. Shein customers also shop more frequently than the average American, both online and in stores. Environmental, social, and ethical business practices ranked among the lowest priorities for all American shoppers surveyed.

Persons: Shein, — Organizations: UBS, Service, UBS Securities, that's, Wall Street Journal, Walmart, Target, Shein, Google, Analysts Locations: TikTok, Amazon, Maxx

☆ Shopping platform Shein poised to take major U.S. market share. UBS thinks these companies will be hurt most
▼ + stars: | 2023-06-26 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Some big-name U.S. retailers could struggle as Chinese e-commerce company Shein gains ground in the country, UBS warned. "We believe SHEIN's momentum to continue, and the company could take major market share from US Softlines companies. Elsewhere, UBS data showed Shein was the second most-downloaded shopping app in the U.S. over the past month behind Temu.com. Nearly a quarter of those Shein shoppers said sales are not important to them, which is higher than average. Of typical clothing retailers, shoppers of Shein in the last three months were most likely to also shop at TJX Companies ' TJ Maxx during that period.

Persons: Jay Sole, Shein, Sole, Temu, TJ Maxx, Ross, There's, Nordstrom, — CNBC's Michael Bloom Organizations: UBS, Wall, Companies, Inc, Navy, Amazon, Walmart, Target Locations: U.S, Shein, American

☆ Temu reportedly thinks shoppers should be blamed if they buy goods from the site that were produced by forced labor
▼ + stars: | 2023-06-23 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Online retailer Temu relies on its customers to report when products are made with forced labor. Temu prohibits suppliers from using forced labor, but relies on external reporting to enforce that policy. Lawmakers said there is an extremely high risk that Temu's supply chains are contaminated with forced labor. That makes it difficult to know whether the companies are following the Certa Uyghur Forced Labor Prevention Act (UFLPA), which prohibits international imports manufactured by forced labor, particularly in the Xinjiang region of China. The investigation concluded that, "American consumers should know that there is an extremely high risk that Temu's supply chains are contaminated with forced labor."

Persons: —, Temu, hasn't Organizations: Temu, Lawmakers, Service, Chinese Communist Party, Customs, Border, Labor Locations: United States, Xinjiang, China, Xinjiang Autonomous Region, American

☆ Retailers Shein and Temu violate U.S. tariff law and evade human rights reviews on imports, House report says
▼ + stars: | 2023-06-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — A House committee exploring economic competition between the U.S. and China on Thursday released a damning report connecting retail giants Shein and Temu to a disproportionate number of import violations. Lawmakers argue the tariff violations give Temu and Shein unfair advantages over U.S. retailers. Both companies have faced allegations of human rights abuses: Shein for alleged forced labor in its supplier factories in the Uyghur region and Temu for allegedly failing to develop compliance with the Uyghur Forced Labor Prevention Act, the committee reported. Temu and Shein did not immediately respond to a request for comment on the report. Temu has previously said it is "not the importer of record with respect to goods shipped to the United States," and Shein has denied allegations of forced labor.

Persons: WASHINGTON, Shein, Mike Gallagher, Temu Organizations: U.S, Chinese Communist Party, Nike, Adidas, Uyghur, Labor, U.S . Customs, Wisconsin Republican, House CCP Committee Locations: China, U.S, Wisconsin, United States

☆ Shein and Temu are skirting tariff costs by selling their imported merchandise at super-cheap prices, US lawmakers say
▼ + stars: | 2023-06-22 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

Shein and Temu sell products that are so cheap the companies avoid paying import tariffs. US lawmakers found that these fast-fashion companies are exempt from tariffs on products under $800. So low, in fact, that the companies don't have to pay tariffs when the products are shipped to the US. Lawmakers highlighted the Certa Uyghur Forced Labor Prevention Act (UFLPA) which prohibits international imports manufactured by forced labor, particularly in the Xinjiang region of China. Temu's code of conduct prohibits suppliers from using forced labor but does not prohibit them from sourcing products based on region.

Persons: —, Temu, Shein Organizations: Service, Chinese Communist Party, Customs, Labor Locations: China, United States, Xinjiang

☆ Congress Spotlights ‘Serious’ Forced Labor Concerns With Chinese Shopping Sites
▼ + stars: | 2023-06-22 | by ( Ana Swanson | Claire Fu | ) www.nytimes.com time to read: +1 min

The number of de minimis packages entering the United States has exploded in recent years, to 720 million in 2021, from 220 million in 2016. Based on data submitted by the companies, the report said that Temu and Shein alone are likely responsible for almost 600,000 packages shipped to the United States daily under the de minimis rule. Among teenagers, Shein was the third most popular e-commerce site behind Amazon and Nike, according to a Piper Sandler report issued this spring. As their popularity has grown, so has congressional scrutiny of the firms given their ties to China. Temu, which is based in Boston, is a subsidiary of PDD Holdings, which moved its headquarters to Ireland from China this year.

Persons: Earl Blumenauer, ”, Shein, Piper Sandler Organizations: United States, Customs, Nike, PDD Holdings Locations: United States, United, China, Oregon, Singapore, Boston, Ireland

☆ 10 Things in Tech: Google tells employees not to give AI chatbots confidential information, the rise of the ‘anti-work girlboss,’ and 31 rising stars of Los Angeles investing
▼ + stars: | 2023-06-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg at Facebook's first ever Meta Store Facebook/Meta1. The first "Meta Store" opened last year in Northern California and was designed to increase interest in Meta's VR headsets. Although a second store was in the works, someone familiar with the matter said that those plans faltered after slowed revenue. Google tells employees not to put confidential info into AI chatbots — including its own Bard. Reddit CEO Steve Huffman said subreddit mods have too much power.

Persons: I'm, Siu, Zers, haven't, Jordan Hart, Mark Zuckerberg, Facebook's, Martin Gilliard, hasn't, Kali Hays, chatbots, Steve Huffman, Mudassir Sheikha, Ron DeSantis, Thiep Van Nguyen, Lionel Richie, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Meta, VR, Big Tech, Google, Tech, Tesla, Gov, Puget Sound Naval Shipyard, Navy, Hewlett Packard Enterprise, VMWare, Dallas Cowboys, Mitsubishi Locations: Sacramento, Northern California, Angeles, Florida, Connecticut, USS Connecticut, Dublin, Ireland, Melbourne, Australia, Las Vegas, San Diego, San Francisco, London

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