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☆ Amazon has a poor man’s monopoly
▼ + stars: | 2023-09-27 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

The $1.3 trillion retailer run by Andy Jassy was sued on Tuesday by the U.S. Federal Trade Commission for alleged anticompetitive practices. She rose to prominence after publishing a paper in the Yale Law Journal in 2017 titled “Amazon’s Antitrust Paradox,” which painted the e-commerce giant as a sprawling monopoly that has gone unchecked by traditional antitrust policing. But Chinese competitors like Shein and Temu, which have different cost structures, are starting to encroach on Amazon’s market. It's possible that Khan and the FTC can nail Amazon in court for behaviors that in the past have given it an exclusive edge. Follow @thereallsl on XCONTEXT NEWSThe U.S. Federal Trade Commission filed an antitrust lawsuit against Amazon.com on Tuesday, asking the court to consider forcing the online retailer to sell assets.

Persons: Andy Jassy, Lina Khan, EBITDA, Walmart’s, hasn’t, Khan, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S . Federal Trade Commission, Yale Law, Investors, Walmart, Foods, Amazon.com, Alphabet's Google, Thomson Locations: Arkansas, It’s

☆ Fast fashion is leaning into resale, but it may do little to reduce emissions, new study says
▼ + stars: | 2023-09-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Fast-fashion retailers like Zara, Shein and H&M are using resale platforms to reduce their carbon footprints, but the programs are projected to do little to reduce emissions, a new study released Tuesday found. The study analyzed five brand archetypes, spanning fast fashion to premium apparel, and how reselling previously owned items could affect their overall carbon emissions between 2023 and 2040. It found that fast-fashion retailers, which create about 11.5 kilograms (25.3 pounds) of carbon dioxide for every item they make, will only reduce their emissions by 0.7% with resale programs. Outdoor brands, like Patagonia and the North Face, create about 12.5 kilograms of CO2 per item and could reduce emissions by 15.8%, according to the study. Ruben said it takes a lot of work for fast-fashion retailers to implement resale programs, but "you're not getting a lot of juice for the squeeze."

Persons: Andy Ruben, Tory Burch, Ralph Lauren, they're, Ruben, you've Organizations: Trove, Deloitte, McKinsey, University of California, CNBC, Outdoor, U.S . Securities, Exchange Commission Locations: Guangzhou, China, Brazil, Zara, Shein, Berkeley, Patagonia, reselling

☆ China's e-commerce discount race to the bottom puts incumbents under pressure
▼ + stars: | 2023-09-26 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +6 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Sept 26 (Reuters) - Discount e-commerce is set to dominate globally during the critical upcoming holiday shopping season in the West and Singles’ Day in China, analysts said. Platforms in China, the world’s largest e-commerce market, have recently described a “value-for-money battle” stoked by economic insecurity and a slower-than-expected retail recovery following the lifting of COVID-19 curbs late last year. “There was a clear vacuum for the discount retailer online experience ... Across the world, executives are now focusing on price pressures as discount online retailers gain increasing market share. In the West, the inflation driven consumer wants something cheaper because they're going through a moment of financial insecurity,” Ho said.

Persons: Florence Lo, ”, thrall, Sharon Gai, ” Humphrey Ho, Rui Ma, Trudy Dai, Alibaba, ” Ho, Casey Hall, Vanessa O'Connell, Aurora Ellis Organizations: PDD Holdings, REUTERS, Rights, West, Deal, Hylink, Amazon ., Tmall, Thomson Locations: China, Southeast Asia, North America, Europe, United States, Douyin, Canada, Australia, America, U.S, Amazon, Amazon . Indonesia

☆ China's cutthroat competition hasn't been lost with the slowdown. EV companies fighting to win
▼ + stars: | 2023-09-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

I was in town for an event by Chinese electric car company Nio , which was vying with Huawei's big Connect conference for literal space and attention in a week of tech news. Electric car manufacturers are abuzz In the world of electric cars alone, Baidu -backed startup Jidu launched its car on Tuesday afternoon; Xpeng also unveiled its new G9 electric SUV. Nio, which had just wrapped its fifth car release in four months the prior week, launched a smartphone on Thursday. A competitive spirit, particularly in tech China's cutthroat competition hasn't been lost with the slowdown. While she hasn't had time to give the Nio phone a good look yet, she said she's a regular at the local Nio House, and invites family and friends there.

Persons: Xpeng, Leapmotor, William Li, Li, that's, Meng Wanzhou, JD.com, JD, Peter Alexander, Alexander, Frank Fan, Nio, Angela Cai, Cai, hasn't, she's, — CNBC's Michael Bloom Organizations: Baidu, Wednesday, CNBC, Companies, Huawei, Netflix, Ben Advisors, ., Starbucks, Apple, China, Bank of America Locations: Beijing, Shanghai, Arcfox, U.S, China, China .

☆ Amazon’s New Challenge: Bargain Retailers That Are Playing a Different Game
▼ + stars: | 2023-09-22 | by ( Sebastian Herrera | Shen Lu | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Amazon’s New Challenge: Bargain Retailers Who Are Playing a Different Game
▼ + stars: | 2023-09-22 | by ( Sebastian Herrera | Shen Lu | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ 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

☆ 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

☆ 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

☆ H&M looks out of sync with shoppers’ reality
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar Acquire Licensing RightsMILAN, Sept 15 (Reuters Breakingviews) - H&M (HMb.ST) CEO Helena Helmersson is feeling the heat. H&M has probably been operating under the illusion that it could maintain pricing power while consumers are being hit by inflation. Its $120 billion rival Inditex (ITX.MC), whose Zara brand is considered more upmarket than H&M, has started to pause price increases. Right now, H&M trades on the same 20 times forward earnings multiple than Inditex.

Persons: Mike Segar, Helena Helmersson, “, That’s, Shein, Inditex's, Lisa Jucca, George Hay, Streisand Neto Organizations: REUTERS, Reuters, RBC, X, Thomson Locations: Manhattan , New York, U.S, Swedish

☆ How knockoffs took over America
▼ + stars: | 2023-09-14 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +10 min

But these fake products have major financial and societal impacts that can lead to lost sales, jobs, and livelihoods. US Customs and Border Protection officers inspect boxes of counterfeit products at the Los Angeles/Long Beach Seaport complex. Edward Berthelot/GettyWhy sales of counterfeit goods have soaredE-commerce has been a breeding ground for knockoffs. AdvertisementAdvertisementAccording to the US Sentencing Commission , the maximum sentence for selling counterfeit goods is 10 years in prison. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Daniel Shapiro's, Hugo Boss, counterfeiters, Spencer Platt, Getty, Shapiro, Jason Armond, Gabrielle Chanel, Michael Kors, Gucci, Chanel, Zers, Edward Berthelot, Superfakes, They've, Wang Zhao, I'm, counterfeits, It's Organizations: Service, Red, Puma, Fila, eBay, US Department of Homeland Security, International Chamber of Commerce, Frontier Economics, Customs, Border Protection, Los, United States Intellectual, United Nations Office, Drugs, UN, Seaport, Economic Cooperation, Development, US Chamber of Commerce, US Customs, Protection, US, Commission, Nike, Amazon Locations: Wall, Silicon, Manhattan, Los Angeles, Long, Beijing, Europe, China

☆ TikTok launches online shopping in the US
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

U.S. flag and TikTok logo are seen in this illustration taken, June 2, 2023. TikTok is bringing online shopping through a series of features on its main app and is hoping to replicate the success of Asian platforms Shein and PDD Holdings' (PDD.O) Temu. New features include a shop tab, where businesses can display their products with logistics and payments solutions powered by TikTok. The social media firm said it also integrated its shopping service with various third-party platforms like Shopify (SHOP.TO), Salesforce (CRM.N), and Zendesk, among others. Reporting by Yuvraj Malik in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, TikTok, ByteDance, Yuvraj Malik, Dhanya Ann Thoppil Organizations: REUTERS, PDD Holdings, Thomson Locations: United States, U.S, Thailand, Vietnam, Malaysia, Philippines, Singapore, United Kingdom, Bengaluru

☆ Exclusive: US Customs finds garments made with banned Chinese cotton
▼ + stars: | 2023-09-01 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

It requires cutting out the far western region from apparel supply chains. Ten of the 37 garments collected by Customs and Border Protection in May returned as “consistent” with Xinjiang, the documents show. "The amount of Xinjiang cotton entering the U.S. should be zero," she said. Many retailers have also turned to isotopic testing in a bid to keep their supply chain free of cotton with links to forced labor. Officials said isotopic testing alone is not enough to clear shipments detained at U.S. ports for suspected links to Xinjiang.

Persons: Mickey, Laura Murphy, Eric Choy, Ralph Lauren, Oritain, Choy, “ It’s, ”, Katherine Masters, David Gregorio Our Organizations: U.S . Customs, Protection, Reuters, Customs, Sheffield Hallam University, . Customs, Goods, Retail, Oritain, Thomson Locations: Xinjiang, China, England, U.S, Vietnam, Cambodia, Bangladesh, India, New Zealand

☆ 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

☆ 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

☆ 3M’s $6 bln earplugs settlement is a little sticky
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California

☆ Mukesh Ambani’s succession planning is a bonus
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. REUTERS/Shailesh Andrade Acquire Licensing RightsMUMBAI, Aug 29 (Reuters Breakingviews) - The bar for Mukesh Ambani to impress is rising, including on succession. Planning is sensible, yet Reliance shares closed down 1.1%. Here, the top challenge may be getting public shareholders to match the $100 billion valuation the Qataris have set for the shopping unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Ambani, Isha, Akash, Anant, That’s, Shritama Bose, Didi, Una Galani, Thomas Shum Organizations: Reliance Industries, REUTERS, Rights, Reuters, Reliance, Reliance Retail, Jio Financial Services, X, White, Thomson Locations: Mumbai, India

☆ NN Group’s deal spree is finally delivering
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 29 (Reuters Breakingviews) - NN Group (NN.AS) is reaping the benefits of scale in its Dutch backyard. Benign weather in the Netherlands, one of the few European states to escape extreme summer weather, helped. But the seeds of NN’s resurgence lie back in 2016 when it began a 3 billion euro deal splurge, first on domestic rival Delta Lloyd and then VIVAT’s general insurance arm. That helped it hike a 10% share of the general insurance market to 24% as of 2021. NN has outperformed its country rival Aegon (AEGN.AS), boosting shareholder returns by 64% since it bought Delta Lloyd in 2016.

Persons: David Knibbe, Elliott Advisors, Elliott, Delta Lloyd, Aimee Donnellan, Mukesh Ambani’s, Didi, George Hay, Oliver Taslic Organizations: Reuters, Chief, Delta, Aegon, Delta Lloyd, Thomson Locations: Netherlands

☆ Politicians to Shein: Not So Fast on U.S. Expansion
▼ + stars: | 2023-08-29 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Shein, the ultrafast fashion retailer widely popular among Generation Z and millennial shoppers, faces demands from more than a dozen state attorneys general to answer questions about its business practices as the company’s U.S. expansion continues. Shein has not commented on potential I.P.O. “It is apparent that Shein is attempting to launch an I.P.O. before the end of this calendar year,” the letter from the attorneys general said. of this magnitude — involving a foreign-owned company that is facing credible concerns about its core business practices — cannot move forward on self-certification alone.”

Persons: Gary Gensler, Shein, ” Organizations: Securities and Exchange Commission, U.S, Arm Holdings Locations: U.S, United States, China, Singapore

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

☆ Xpeng’s Didi deal is smart shortcut to growth
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock. For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo. It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum Organizations: Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson Locations: Shanghai, China

☆ India is warming up to a cooling China
▼ + stars: | 2023-08-28 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

A screening policy that dramatically slowed investments into India looks ripe for some fine-tuning. India appears to be warming up to a larger Chinese presence in its businesses three years since it introduced an approval regime for investments from countries sharing a land border. Modi has made a deepening financial relationship with China dependent on a warming political one. India is “open” to investments from China, the former’s Minister of State for Electronics and Information Technology Rajeev Chandrasekhar told Financial Times in an interview published in July. Shein is set to re-enter India through a partnership with Reliance Retail, The Wall Street Journal reported in May.

Persons: Narendra Modi’s, Xi Jinping, hamstrung, Sajjan, Modi, Narendra Modi, BYD, Technology Rajeev Chandrasekhar, Sajjan Jindal, Una Galani, Thomas Shum Organizations: Reuters, Indian, pharma, Reuters Graphics Reuters, Authorities, Apple, Reliance Industries, Wall Street, SAIC, Motor India, Economic Times, State, Electronics, Technology, Times, India’s, MG Motor India, Reliance Retail, Street, Bloomberg, Thomson Locations: MUMBAI, South Africa, India, New Delhi, China, Johannesburg, Shanghai

☆ White House inflicts Big Pharma ills
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

If just one or two big medications were going to be renegotiated, the industry could shoulder the change. The IRA, signed into law last year, allows Medicare to negotiate prices for some of its most costly drugs. Though specificities are unclear, a quick look at one of the biggest sellers under the program, blood thinner Eliquis, suggests Big Pharma could shoulder a discount. At 11 times earnings over the next 12 months, that’s less than 10% of the firm’s $205 billion market capitalization. Put this on the same multiple of 11 times, and it would be a $275 billion hit to the industry.

Persons: George Frey, Biden, Robert Cyran, Xpeng’s Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Pfizer Pharmaceuticals, REUTERS, Reuters, Big, Medicare, Pfizer, Bristol, Myers Squibb, Congressional, Office, X, Thomson Locations: Provo , Utah, U.S

☆ Gap shares jump as investors focus on profit beat over weak forecast
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

Aug 25 (Reuters) - Shares of Gap (GPS.N) climbed as much as 8% on Friday, after the apparel retailer's quarterly profit beat indicated that the Old Navy parent's cost cuts were paying off even as easing demand weighed on its sales forecast. Gross margin increased 310 basis points to 37.6% in the second quarter from a year earlier. "(It's) no easy task at hand, but the ground work has been laid," said Barclays analyst Adrienne Yih. Still, the company forecast a steeper-than-expected drop in current-quarter sales and missed sales expectations for the second quarter and also warned it was losing market share to rivals including Shein, Amazon and T.J. Maxx. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Barbie, Richard Dickson, Adrienne Yih, Ananya Mariam Rajesh, Sriraj Organizations: Old Navy, Jefferies, Bank of America, Mattel, Republic, Barclays, Maxx, Thomson Locations: Bengaluru

☆ Shein partners with Forever 21 in fast-fashion deal to expand reach of both companies
▼ + stars: | 2023-08-25 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +1 min

New York CNN —Fast fashion e-tailer Shein may be coming to a mall near you. Forever 21’s parent company Sparc Group announced on Thursday that it will partner with the online shopping giant in a deal that would see Sparc become a minority shareholder in Shein. Sparc is a partnership between retail real estate company Simon Group and Authentic Brands Group, whose portfolio includes brands like Brooks Brothers and Nine West. The deal will “provide Sparc Group a platform to further grow its brands,” Sparc said in a news release. Both are fast fashion brands, meaning they mass-produce cheap items that are often used and discarded at a rapid pace as consumers strive to keep up with the latest trends.

Persons: Shein, Brooks, Shein’s, ”, Marc Miller, ” Donald Tang Organizations: New, New York CNN, Sparc Group, Sparc, Simon Group, Authentic Brands, Brooks Brothers, Nine Locations: New York, Shein

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