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☆ Fears are rising ocean freight rates may surpass $20,000 with no relief for global trade into 2025
▼ + stars: | 2024-06-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Goetz Alebrand, head of ocean freight at DHL Global Forwarding Americas, said he is not optimistic freight rates will decline anytime soon. "It is unlikely that the situation will resolve itself soon and [ocean freight] rate levels might not ease up before Chinese New Year," Alebrand said. Air freight prices and demand are going higher According to freight intelligence firm Xeneta, China to North America air freight spot rates increased 43%, to $4.88 per kilogram, year-on-year in May. According to ocean freight data from FreightWaves SONAR, container bookings and freight orders from shippers to the ocean carriers are down 48% month-over-month. Xeneta data tracking ocean freight rates from the Far East to the U.S. East Coast, West Coast and Gulf Coast ports shows the historic run.

Persons: Joe Giddens, Paul Brashier, Brashier, Goetz Alebrand, Alebrand, Alan Murphy, Murphy, Peter Boockvar, Boockvar, We've, Nate Herman, Xeneta, Daniel Ives, Niall van de, van de, Good Hope Organizations: Federal Reserve, CNBC, ITS Logistics, DHL Global, Intelligence, Defense Intelligence, U.S ., Bleakley Financial, American Apparel and Footwear Association, Global, ", Apple, Wedbush Securities, Trade, Good Locations: Asia, Europe, Sea, Red, Africa, Shanghai, Rotterdam, Genoa, U.S . West Coast, East Coast, U.S, China, North America, U.S . East Coast , West Coast, Gulf Coast

☆ Milwaukee-based retail giant Kohl's says 'No' to sponsoring Republican convention events
▼ + stars: | 2024-06-06 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Milwaukee based department store giant Kohl's says it will not sponsor any events related to the Republican National Convention in that city this summer, where Donald Trump will be crowned the party's nominee for president. Northwestern Mutual is on the host committee and its CEO John Schlifske is reportedly helping to raise money for the group. The absence of Kohl's from the list of Republican convention sponsors notable, given that convention organizers have publicly touted the importance of Wisconsin-based companies helping to fund and organize the event. The Republican convention is aiming to raise roughly $70 million. Representatives for the Republican National Committee and the Milwaukee host committee did not return requests for comment.

Persons: Donald Trump, ManpowerGroup, John Schlifske, Joe Biden, Kohl's, Herb Kohl, Reince Priebus, Wisconsin's, Macy's, It's, CNBC's Melissa Repko Organizations: Republican National Convention, CNBC, Metropolitan Milwaukee Association of Commerce, Fortune, RNC, DNC, Democratic, Convention, Northwestern Mutual, Trump, Wisconsin, Republicans, Democrats, Republican, Republican National, GOP, FEC, Wall Street Journal, Republican National Committee, Target Locations: Miami , Florida, Milwaukee, Brew, Wisconsin

☆ 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

☆ Here are 3 ways Meta could pivot if 10% of its ad revenue were to disappear
▼ + stars: | 2024-06-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

The "revenue driver" in question is last year's advertising blitz from large online Chinese retailers that made up about 10% of Meta's overall revenue. Evidence of slower or moderating ad spending from big retailers with ties to the world's second-largest economy could force Meta to lean into some of its other strengths. Analysts at the firm conducted a stress test — benchmarking a worst-case scenario for Meta's Chinese ad revenue in the second half of 2024. Mizuho analysts said Meta can leverage volume drivers such as increasing the ad load on Reels using artificial intelligence. Mizuho also believes special events like the U.S. presidential election and the Olympics should help support ad spending in the back half of the year.

Persons: Shein, Bernstein, Temu, Mizuho, monetization, Josh Silverman, we're, Jim Cramer's, Jim Cramer, Jim, Jonathan Raa Organizations: Wall Street, Holdings, Nasdaq, Meta, Mizuho, Amazon, U.S, Google, CNBC, Nurphoto, Getty Locations: Temu, China, Ireland, Shanghai, Singapore, U.S, London, Meta

☆ Zara owner Inditex reports slowing quarterly sales growth
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +1 min

A shopper enters Spanish retail store Zara, a brand under the umbrella of multinational apparel conglomerate Inditex. Zara owner Inditex grew its sales by 7% in the first quarter of its fiscal year, it said on Wednesday, in line with analysts' expectations. The world's largest listed fashion retailer reported 8.15 billion euros ($8.87 billion) in sales during the three months to April. That compared to an average analyst forecast of 8.1 billion euros, according to an LSEG poll. Sales at constant currencies rose 12% from May 1 to June 3, Inditex said.

Persons: Inditex, Massimo Dutti Locations: Zara

☆ Shein IPO: London Stock Exchange is desperate for IPOs. Could Shein end the drought?
▼ + stars: | 2024-06-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

If Shein goes ahead with the listing, it is expected to try to raise more than £1 billion ($1.3 billion) from the sale of new shares, Sky News said. Bloomberg and the Financial Times have also reported that Shein is preparing a confidential filing for a London listing. Given its high profile and potential hefty valuation, an IPO by Shein would be a much-needed coup for the London Stock Exchange. In recent years, several companies have quit the exchange for other cities or chosen New York to go public. Still, even the slightest hint that Shell could ditch London will have rattled the city’s financial center.

Persons: Shein, ”, “, Marco Rubio, Susannah Streeter, Hargreaves Lansdown, Wael Sawan, Sawan, Shell Organizations: London CNN, Authority, Sky News, Bloomberg, Financial Times, UK’s Labour Party, CNN, Shein, London Stock Exchange, Nasdaq, Shell Locations: China, United Kingdom, Britain, Singapore, New York, United States, While New York, London

☆ 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

☆ London Moves to Revive Its Reputation as a Financial Hub
▼ + stars: | 2024-05-28 | by ( Eshe Nelson | Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Shein, the online retail giant founded in China, had grand ambitions to go public in New York. The company is now focusing more on the London Stock Exchange for its initial public offering, according to two people with knowledge of the matter. That may not have been the company’s initial choice — but it would be a big win for Britain, which has been wary of its capital city losing its status as a global financial hub. A spokeswoman for Shein declined to comment; the British Treasury also declined to comment. like Shein’s could be seen as a prize that bolsters the local financial market and sets the stage for other companies to follow.

Persons: Jeremy Hunt, Shein Organizations: London Stock Exchange, Britain, British Treasury Locations: China, New York, Washington, Beijing, London, Hong Kong, Dubai, Singapore

☆ AliExpress taps David Beckham for a brand ambassador deal
▼ + stars: | 2024-05-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Read previewAliExpress, the international e-commerce site owned by Alibaba, is bringing on soccer star David Beckham as a brand ambassador. Enter Beckham, who will be a global ambassador for AliExpress as the face of its "Score More with AliExpress" campaign, the company announced Monday. Related storiesIn conjunction with the partnership with Beckham, AliExpress said it's investing millions of euros to sponsor the UEFA Euro 2024 tournament — beginning June 1 — and drive user engagement to its app. Advertisement"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," the former English national team captain said in a statement. "Whether you're a football fan or not, I can think of no-one better to show how easy it is to win with AliExpress during UEFA Euro 2024," Gary Topp, European Commercial Director, AliExpress, said about partnering with Beckham.

Persons: —, David Beckham, Temu, Beckham, AliExpress, Alibaba, Jack Ma, Ma, Gary Topp Organizations: Service, Business, AliExpress, UEFA, English, Employees, Reuters Locations: Berlin

☆ 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

☆ After a better-than-expected quarter, Cramer is optimistic on Macy's turnaround
▼ + stars: | 2024-05-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday reviewed Macy's most recent quarter, saying he's pleased with the retail giant's preliminary progress in putting its turnaround strategy to work. "It's early days for the Macy's turnaround. It's only the iconic company's first full quarter with CEO Tony Spring at the helm, Cramer noted. Cramer praised Macy's plan to close many underperforming namesake stores while investing in and updating the locations that are doing better. "Either Tony Spring keeps pulling off his ambitious turnaround — and I believe he can do it— or someone else comes in and buys the darned thing."

Persons: CNBC's Jim Cramer, he's, Macy's, It's, Tony Spring, Cramer, Arkhouse, Spring Organizations: Macy's Locations: China

☆ This global private equity stock invested in Shein, Figma, Databricks, Discord, and ByteDance could rise by 40%, analysts say
▼ + stars: | 2024-05-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

HarbourVest Global Private Equity , a diversified listed private equity investment company, could see its share price rise by more than 40%, according to analysts at investment banks Peel Hunt and Jefferies. Richard Hickman, the managing director of HVPE, describes it as the "most diversified, listed private equity investment company in London." "We're a global fully diversified portfolio covering buyout funds, the more established businesses from small cap through medium to large cap." NAV represents the value of an investment fund's assets per share. They estimate that share buybacks at the current discount could result in a 1.4% uplift in net asset value per share.

Persons: Peel Hunt, Jefferies, Richard Hickman, HVPE, Hickman, Alan Brierley, Ben Newell, Warren, Buffett Organizations: HarbourVest Global, Equity, Peel, London Stock Exchange, CNBC, NAV, Jefferies, Investec Locations: London

The Chinese-founded fast-fashion giant is reported to have turned its attention to the LSE after facing regulatory and political challenges over a potential initial public offering in New York. U.S. lawmakers have raised several concerns about Shein, including over the transparency of its supply chain. The LSE has struggled to court high-growth companies in recent years compared with markets in Asia and the U.S., and has recently lost significant players including travel group TUI and cybersecurity firm Darktrace. However, British computing startup Raspberry Pi last week said it plans to list in London. CNBC has contacted Shein for comment.

Persons: Lord Dominic Johnson, Johnson, Shein, — Jenni Reid Organizations: London Stock Exchange, Department for Business Trade, CNBC, LSE, New York . Locations: New York, New York . U.S, Asia, U.S, London

☆ Shein in discussions about London IPO, UK minister says
▼ + stars: | 2024-05-20 | 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 in discussions about London IPO, UK minister saysLord Dominic Johnson, minister of state in the U.K.'s Department for Business Trade, says the government has been in talks with retail giant Shein about a possible listing on the London Stock Exchange.

Persons: Lord Dominic Johnson Organizations: London, Department for Business Trade, London Stock Exchange

☆ 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

☆ Wayfair to open its first large store, as physical locations make a comeback
▼ + stars: | 2024-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +10 min

Wayfair follows other direct-to-consumer brands that have opened stores, including Warby Parker , Figs , Casper, Glossier and Everlane. In the early 2010s, new store openings largely outpaced closures, until the tide turned in 2017. Jeenah Moon | Bloomberg | Getty ImagesOther privately held direct-to-consumer brands have also expanded into retail stores, including bedding company Brooklinen, furniture store Burrow and apparel brands Everlane and Untuckit. High cost of entryIf direct-to-consumer brands could all open stores and suddenly boost sales and profitability, they'd all be doing it. Courtesy: WayfairSome direct-to-consumer brands have already been burned after they expanded too quickly and demand fell.

Persons: Niraj Shah, Wayfair, Warby Parker, Glossier, They're, Larry Cheng, It's, you'll, Liza Lefkowski, Shah, Coresight, John Mercer, Coresight's, Trina Spear, Spears, King, King of Prussia, Rebecca Fitts, Alvarez, Tolia, Allbirds, Al Drago Organizations: CNBC, Apple iOS, Companies, Walmart, Target, Joss, Discount, TJX, Bloomberg, Getty, Marsal, Washington , D.C Locations: Wilmette , Illinois, Chicago, Casper, Amazon, U.S, Coresight Research's, Burlington, Los Angeles, Philadelphia, King, King of Prussia , Pennsylvania, Georgetown, Washington ,

☆ Alibaba should respond to competition, UBP says
▼ + stars: | 2024-05-15 | 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 EmailAlibaba should respond to competition, UBP saysVey-Sern Ling, senior equity advisor at UBP, says Alibaba's growth has "faltered" and it should respond to competition from players like Temu and Shein.

Persons: UBP, Sern Ling

☆ Recent college grads are doing shockingly well. Can it last?
▼ + stars: | 2024-05-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

And recent grads aren’t just finding any job, they’re finding good jobs. Not all is well: The EPI study found that racial and gender wage gaps still remain large among recent grads. GameStop shares tripped multiple circuit breakers — a temporary and mandated halt in trading to let investors cool off for a bit. Robinhood denied claims on social media on Monday that it had once again halted GameStop stock purchases on its platform. Robinhood has not shut down the purchase of Gamestop shares,” Robinhood spokesperson Anupriya Ghate said in a statement to CNN.

Persons: it’s, —, Katherine deCourcy, Elise Gould, “, Z, Z’ers, Krystal Hur, Keith Gill, Roaring Kitty, Gill, Robinhood, ”, Anupriya Ghate, ” Shein, Shein, CNN Shein Organizations: CNN Business, Bell, New York CNN, Economic Policy Institute, Stanford Institute for Economic Policy Research, Employers, GameStop, AMC, Partners, AMC Entertainment, Gamestop, CNN, Workers, Public, Public Eye Locations: New York, Black, Swiss, Guangzhou, 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 promised to tackle overwork. A new report claims 75-hour weeks are still common
▼ + stars: | 2024-05-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The 75-hour weeks that we found out about two years ago still seem to be common at Shein,” the Swiss organization said. Public Eye interviewed 13 textile workers employed at six factories in Guangzhou, a region in southern China, last summer. Shein does not reveal the identity of its suppliers, Public Eye said in its report. The group said it established that the factories were Shein suppliers through interviewees’ responses as well as the presence of Shein products. I can’t afford any more days off because it costs too much,” Public Eye cited one worker as saying.

Persons: London CNN —, Shein, “, ”, ” Shein Organizations: London CNN, Workers, Public, Public Eye, Wage, CNN Locations: Swiss, Guangzhou, China, ”

☆ From the boardwalk to the altar: T-shirt, shorts, bikinis and boot sellers are now dressing brides
▼ + stars: | 2024-05-12 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +8 min

“The move into wedding wear makes sense so long as it’s not a distraction from their core business,” Stichter said. “For these bridal collections to land with Gen Z, It’s important that these brands tap into the way that Gen Z shops. Gen Z is always online, but 97% of US Gen Z still shop in-store,” Rees said. With wedding dresses in particular, one trend that emerged during the pandemic was the popularity of black wedding gowns. Boot Barn has a new western-themed wedding collection of bridal dresses, cowboy boots, hats and accessories priced mostly at $400 and below.

Persons: Gen Zers, Taylor Swift, ”, Janine Stichter, Millennials, ” Stichter, ” Carey Collins Krug, “, won’t, Allyson Rees, Gen Z, ” Rees, Gen, they’re, Rees, it’s, ” Lisa Zlotnick, “ There’s, Isha Nicole, ” Nicole Organizations: New, New York CNN, Abercrombie, Fitch, Abercrombie & Fitch Co, CNN, “ Locations: New York, California, Los Angeles, Las Vegas

☆ Rue21, a mall staple, files for bankruptcy and will close all of its stores
▼ + stars: | 2024-05-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks. The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around. Its stores, which are located in 45 US states, will close within the next 4 to 6 weeks and “going out of business” sales are beginning soon. Express filed for bankruptcy last month and announced it was closing about 100 stores. 99 Cents Only Stores, a discount chain, also said in April it was going out of business.

Persons: New York CNN —, Michele Pascoe, Rue21, ” Pascoe, “, Neil Saunders, ”, Rue21 didn’t, Joann Organizations: New, New York CNN, GlobalData, CNN Locations: New York, Pittsburgh, ”

☆ Gen Zers say they're hooked on fast fashion, but regret their Shein hauls when the 'high' wears off
▼ + stars: | 2024-05-03 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +5 min

Maddy Lane, a Gen Z TikToker, shared what it's like in a recent video, showing the detritus of her latest haul all over her bed. A survey of 1,000 people from January by the digital analytics platform Quantum Metric found that 64% of Gen Z respondents were buying more than they did last year. Contradictory to Gen Z beliefsCheap clothing hauls do not sit well with the much-discussed Gen Z passion for environmentalism. AdvertisementGaby Mendes, a Zoomer and founder of Talk Twenties, a media and events company for Gen Z, told BI she tries to avoid fast fashion but has her lapses. Gen Z was dubbed the "Depop generation" by Vogue Business, and makes up 90% of the app's user base.

Persons: —, Maddy Lane, Lane, Zers, ThredUp, Gen, TikTok, pang, Melanie Parncutt, Parncutt, Gaby Mendes, Gen Z, JADE GAO, Siena Barry, Taylor, There's Organizations: Service, Business, Bryant University, Otter Public Relations, Vogue Business, Barry Locations: cardigan

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