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☆ Uniqlo sues Shein, claiming the company copied its viral shoulder bag
▼ + stars: | 2024-01-19 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

The practical "Round Mini Shoulder Bag," which costs $20, went viral over the last year. It its lawsuit, Uniqlo is demanding damages of around 160 million yen, or $1.1 million. AdvertisementUniqlo Co. has sued rival retailer Shein over a small shoulder bag the Japanese retailer said was an inferior and unlawful copy of its hit product touted as the "Mary Poppins bag." The lawsuit demanded Shein stop selling its product that Uniqlo said looks too much like its Round Mini Shoulder Bag. The Uniqlo bag is praised on TikTok and other social media as roomy but also light and compact.

Persons: Uniqlo, Shein, —, Mary Poppins, Julie Andrews Organizations: Service, Court, Roadget, Shein Locations: China, Singapore, Tokyo, Shein Japan, Japan, U.S

China's powerful internet regulator is conducting a security review of Shein as the fast-fashion giant gears up for its highly anticipated U.S. initial public offering, CNBC has learned. The review focuses on how Shein handles information about its employees, partners and suppliers in the region, The Wall Street Journal reported. In 2021, Beijing launched a similar security review of ride-hailing giant Didi Global just days after it went public on the New York Stock Exchange and raised some $4.4 billion. Following Didi's downfall, all Chinese companies seeking an overseas IPO are now subject to a security review and government approval in China. If the reviews turn up information that doesn't sit well with Chinese regulators, they could squash the deal.

Persons: confidentially, Shein, Drew Bernstein, Didi Global, Didi, Bernstein, they're Organizations: CNBC, Cyberspace Administration, China, Street Journal, CAC, Washington , D.C, Marcum, New York Stock Exchange, CNBC PRO Locations: U.S, China, Washington ,, Beijing, Marcum Asia, Singapore

☆ 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

☆ Lawmakers ramp up scrutiny of Shein, call for proof it doesn't use forced labor after retailer files for IPO
▼ + stars: | 2023-12-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lawmakers are ramping up their scrutiny of Shein after it confidentially filed to go public last week. "Urge the SEC to apply maximum scrutiny to Shein's business and management before letting it anywhere near our capital markets," Luetkemeyer said in the video, viewed by CNBC. They include legislation that would block Shein from trading in the U.S. or bar its shipments from coming into the country. Gallagher is also interested in pursuing reforms to the trade loophole known as the de minimis provision and expanding enforcement of the Uyghur Forced Labor Prevention Act, the aide said. The committee is investigating Shein over its use of forced labor and de minimis — probes that are ongoing, Luetkemeyer said.

Persons: confidentially, Blaine Luetkemeyer, Shein, Luetkemeyer, let's, Mike Gallagher, Gallagher Organizations: U.S . Securities, Exchange, CNBC, SEC, Chinese Communist Party, Uyghur, Labor Locations: U.S

☆ Shein's secret sauce: How the retailer has exploded in the U.S. using a key trade loophole
▼ + stars: | 2023-12-01 | 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's secret sauce: How the retailer has exploded in the U.S. using a key trade loopholeShein has taken America by storm. Soon, it could take Wall Street too, as it prepares for a U.S. IPO. Its presence here has exploded, partnering with some of the hottest American retailers and trying to put labor worries to rest. This week on Tech Check, we dig into Shein's secret sauce - how it uses a spin on its sustainability practices and a key trade loophole.

Organizations: Tech Locations: U.S, America

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

The Singapore-based company has not determined the size of the deal or the valuation at IPO. The online fast-fashion retailer, which manufactures most of its merchandise in China, faces criticism that Uyghur forced labor is used to make its low-priced apparel and home goods. Earlier this year, the congresswoman led a bipartisan call for the SEC to halt Shein’s IPO until it verifies that the company does not use forced labor within its supply chain. Shein did not immediately respond to a request for comment, but the company has previously told Reuters it has “zero tolerance for forced labor” and has no contract manufacturers in Xinjiang. Shein's IPO is "going to be raising issues (for the SEC) that may later be applied across the board to all China-based or China-related companies that are going public," Penick said.

Persons: Chen Lin, Shein confidentially, Shein, Jennifer Wexton, Megan Penick, Robinson, Penick, Republican Sen, Marco Rubio, ”, Rubio, Chris Smith, Smith, ByteDance's TikTok, Group's, Katherine Masters, Arriana, Michael Martina, Marguerita Choy Organizations: REUTERS, Bloomberg, Beijing, U.S . Securities, Exchange Commission, SEC, Reuters, Reuters Graphics, Capitol Hill, Republican, Congressional, Commission, Oritain, U.S, Thomson Locations: Singapore, China, New York, U.S, Beijing, Washington, China's Xinjiang, Xinjiang, India

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 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

Shein's website drew 28.6 million unique monthly visitors in October, up 7.25% from a year earlier, according to Similarweb. Amazon trounces both online retailers with 56% of its 268 million unique monthly visits in October resulting in purchases, its data shows. Temu, which launched in the U.S. in September 2022, is offering deals for cheap goods for the holiday shopping season. Shein is ramping up holiday marketing in the U.S. and Europe as it extends its reach and products on its platform. Peter Pernot-Day, head of corporate strategy at Shein, said Shein has advised its marketplace sellers "to optimize their product listings" by "providing competitive pricing and keeping inventory up to date."

Persons: David, Dee, Delgado, Temu, Shein, Inditex's Zara, Melissa Minkow, Peter Pernot, Arriana McLymore, Nick Zieminski Organizations: REUTERS, Missguided, CI, Thomson Locations: New York City, U.S, Singapore, Europe, Similarweb, New York

☆ Chinese fast fashion retailer Temu overtakes Shein to dominate Japan and South Korea apps
▼ + stars: | 2023-11-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Similarly, in South Korea, Temu ranked No. Among the top shopping apps in South Korea, Temu was the fastest to reach 2 million downloads at around 88 days. Shein took 382 days while AliExpress took 366 days to hit the same milestone. Shein sued Temu in December over intellectual-property infringement while Temu accused Shein in July of threatening and forcing manufacturers into exclusivity agreements. Temu made its foray into Asia through Japan and South Korea in July.

Persons: Nikos Pekiaridis, Shein, Temu, Goldman Sachs, Mercari, Alibaba, AliExpress, Bernstein Organizations: Getty, Nurphoto, PDD Holdings, CNBC, iOS, Google, Nasdaq, Holdings, Citi, U.S, Committee Locations: Japan, South Korea, China, U.S, Australia, New Zealand, France, Italy, Germany, Netherlands, Spain, Boston , Massachusetts, Asia, Philippines, Malaysia

☆ 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

[1/2] 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. Shein's lawsuit against Temu, filed last December in the U.S. District Court for the Northern District of Illinois, alleged that Temu told social media influencers to make disparaging remarks about the fast-fashion retailer, and tricked customers into downloading the Temu app using "imposter" social media accounts. In July, Temu filed its own lawsuit in Boston federal court, accusing Shein of violating U.S. antitrust law in its dealings with clothing manufacturers. Temu's complaint alleged Shein "forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu." Temu, whose parent company PDD Holdings also owns Chinese shopping platform Pinduoduo, similarly sells low-priced clothing but is equally well known for stocking cheap headphones and home appliances.

Persons: Florence Lo, Shein, Temu, Casey Hall, Christian Schmollinger Organizations: PDD Holdings, REUTERS, Rights, Northern, Northern District of, Temu, HSBC, Thomson Locations: U.S, Chicago, Boston, Northern District, Northern District of Illinois, China, Europe, Asia

☆ 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

☆ Shein plans to ship Brazil-made products around Latin America from 2026
▼ + stars: | 2023-10-19 | by ( Andre Romani | ) www.reuters.com time to read: +2 min

The firm started manufacturing clothes in Brazil earlier this year, its first production center outside China. "The idea is that by 2026 Brazil will be ready to serve Latin America," Magalhaes told reporters on Wednesday at an event at Shein's Sao Paulo office. She did not specify which Latin American countries Shein could ship products to from Brazil. Brazil is one of its five main markets and the largest in Latin America, the company said. In addition to Brazil, the company started manufacturing in Turkey this year and plans to build a factory in Mexico.

Persons: Chen Lin, Fabiana Magalhaes, Magalhaes, Chris Xu, Shein, Andre Romani, Peter Frontini, Sonali Paul Organizations: REUTERS, SAO PAULO, Shein's Sao Paulo, Thomson Locations: Singapore, Brazil, Latin America, China, Nanjing, Turkey, Mexico

☆ Shein, the fast fashion darling mulling a U.S. IPO, opens up about forced labor, data privacy
▼ + stars: | 2023-10-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +16 min

The committee is investigating Shein over concerns that Uyghur forced labor is being used in its supply chain and has gone undetected because of the de minimis provision. The committee has not yet drawn conclusions about forced labor in Shein's supply chain. When asked about claims of forced labor in Shein's supply chain, Claure told CNBC he doesn't "believe those allegations are correct." However, forced labor can still show up in other parts of the supply chain, said Chloe Cranston, the head of thematic advocacy programmes at Anti-Slavery International. In 2022, 11% of audits turned up "zero tolerance violations," including child labor, forced labor and wage violations, and 28 suppliers were terminated as a result, according to the company.

Persons: Elham Ataeiazar, Shein, Donald Tang, Matt Kennedy, they're, they've, Mike Gallagher, Elise Stefanik, Steve Scalise, Chip Somodevilla, we're, Marcelo Claure, Claure, Ralph Lauren, Rupert Hodges, Oritain, Chloe Cranston, Cranston, It's, it's, Shang, Jin Wei, Wei, Austin Knudsen, Chris Xu, Jade Gao, Knudsen, Gary Gensler Organizations: Wall, Bear, Chinese Communist Party, U.S, Renaissance Capital, CNBC, Bloomberg, Nike, Adidas, Republican National Committee, Washington , D.C, D.C, Target, Costco, Visual China, Getty, Workers, Columbia University's, Communist, CCP, Microsoft, AFP, U.S . Securities, Exchange Locations: Bear Stearns, U.S, China, Beijing, Xinjiang, Washington ,, Washington, Singapore, Nanjing, United States, Chinese, Guangzhou, Brazil, Turkey, India, Mexico, Montana

☆ Fast-fashion retailer Shein considering IPO
▼ + stars: | 2023-10-19 | 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 EmailFast-fashion retailer Shein considering IPOCNBC’s Gabby Fonrouge joins 'Power Lunch' to discuss Shein's potential plan to go public.

Persons: Gabby Fonrouge

☆ Shein shifts shipping strategy to bring China-made goods closer to U.S. shoppers
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: +1 min

E-commerce giant Shein is sending more low-priced apparel and home goods to U.S. warehouses from China to speed up shipping times for shoppers, according to data from global trade analysis firm ImportGenius provided exclusively to Reuters. Shein, known for its $10 tops and $5 biker shorts, until recently has made many American purchasers face wait times of up to two weeks or more to receive their goods. The move also marks a strategy shift for Shein, which has traditionally flown goods directly from China to shoppers. Virtually all came from China, where Shein relies on a network of suppliers to produce its expansive assortment of low-priced merchandise. In 2022, Shein opened a warehouse in Whitestown, Indiana, where it generally stores that inventory to then be shipped to shoppers within four to seven business days.

Persons: ImportGenius, Shein Organizations: Reuters, Target, Walmart, Amazon.com Locations: China, U.S, Whitestown , Indiana

☆ Shein shifts shipping strategy to bring China-made goods closer to US shoppers
▼ + stars: | 2023-09-22 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

The move also marks a strategy shift for Shein, which has traditionally flown goods directly from China to shoppers. Goods eligible for QuickShip are delivered significantly faster than Shein's standard shipping times, which can range from nine to 14 days, according to estimates on its website. Importing high-demand products in bulk helps Shein save money, a person familiar with Shein's strategy said, as ocean shipping is significantly less costly than air freight. Shipping goods by air directly from China is a strategy that helps the e-tailer avoid unsold inventory piling up in warehouses, according to Juozas Kaziukenas, founder of e-commerce analytics firm Marketplace Pulse. Prior to 2020, Shein imported no clothing by ocean freight, according to the ImportGenius data.

Persons: Chen Lin, ImportGenius, Shein, AWEIGH Shein, Juozas Kaziukenas, Katherine Masters, Matthew Lewis Organizations: REUTERS, Reuters, Walmart, UBS, U.S . House, PDD Holdings, Shipping, Thomson Locations: Singapore, China, U.S, Whitestown , Indiana, Shein, Indiana, Cherry Valley , California, York

☆ Temu has overtaken Shein in several key metrics, but both have a long way to go to catch up to Amazon
▼ + stars: | 2023-09-21 | by ( Madeline Stone | ) www.businessinsider.com time to read: +1 min

Temu and Shein are both targeting Gen Z shoppers in the US. But both have a ways to go before they challenge Amazon and other retailers. Shein and Temu are battling to win over young consumers in the US. Both companies are using low prices and a huge selection of inventory to entice shoppers, but they're going about it in slightly different ways. Shein has reportedly been considering an IPO as it has grown in popularity in the US.

Persons: Shein Organizations: Pinduoduo Holdings Locations: Chinese, Boston, China, Singapore

☆ 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

☆ Colin Huang, the founder of the company that owns Chinese shopping app Temu, got $4.3 billion richer after earnings smashed analysts' expectations
▼ + stars: | 2023-08-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The founder of Temu owner PDD saw his net worth jump $4.3 billion in one day, per Bloomberg's Billionaires Index. Colin Huang's fortune was boosted by a 15% surge in PDD shares after a bumper second-quarter earnings. The company reported second-quarter revenues of 52.28 billion Chinese yuan, or $7.2 billion — smashing analysts' average estimates of 43.7 billion yuan, per Refinitiv data. Huang was worth $32.8 billion as of August 30, per Bloomberg, making him the 41st richest person in the world. He launched the PDD app in May 2015 after raising $8 million from investors.

Persons: PDD, Colin Huang's, Huang, Colin Huang, Temu, PDD's Organizations: Service, Holdings, Bloomberg, Nasdaq, PDD, University of Wisconsin, Google, Shein's Locations: Wall, Silicon, PDD, Zhejiang, China, Google China

A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. The letter urged the SEC to ensure that Shein and other foreign companies listed on U.S. exchanges verify through independent audits that they comply with U.S. laws that prohibit imports made with any forced labor. Shein has previously said it does not plan to IPO this year and has zero tolerance for forced labor. Shein has been able to rapidly expand in the U.S. despite concerns over its labor practices and sustainability. In May, two dozen U.S. representatives sent a similar letter to the SEC asking for it to halt a potential Shein IPO until the company confirmed that it does not use forced labor.

Persons: Chen Lin, Shein, Todd Rokita, Arriana McLymore, Cynthia Osterman Organizations: REUTERS, Securities and Exchange Commission, SEC, Reuters, New York Stock Exchange, Nasdaq, Indiana, Republican, Thomson Locations: Singapore, U.S, China, Washington, Beijing, Shein, Indiana, New York City

☆ 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

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