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. REUTERS/Florence Lo/Illustration/File Photo Chinese online shopping giants Shein and Temu have changed the face fashion ecommerce in the Europe and US. In the United…
Representative image Online retailer Shein‘s revenue growth slowed to 23% in the first half of this year, from 40% last year, The Information reported on Tuesday, citing two people familiar with the matter, as it prepares for a highly anticipated listing in London. The deceleration in growth coincides with rising competition from Chinese bargain shopping…
Representative image Shein‘s British business made 1.55 billion pounds ($2 billion) in revenue in 2023, a filing by the online fast-fashion group showed on Tuesday, as it prepares for a hotly debated listing in London. The annual revenue from the UK, Shein’s third-biggest market, was 38% more than it had previously reported for a 16-month…
Representative Image The Biden administration said on Friday it was moving to curb low-value shipments entering the U.S. duty-free under the $800 “de minimis” threshold that has been exploited by Chinese e-commerce firms such as Shein and PDD Holdings’ Temu. White House officials said they will propose a new rule to deny the exemption to…
Representative Image Two leaders of the U.S. Consumer Products Safety Commission are calling for the agency to investigate e-commerce retailers Shein and Temu after “deadly baby and toddler products” were sold on both websites, according to a letter posted on the agency’s website on Tuesday. CPSC Commissioners Peter Feldman and Douglas Dziak want the agency…
New Delhi: India‘s fast fashion sector is on a rapid growth trajectory, with an annual growth rate of 30-40 per cent, significantly outpacing the overall fashion industry’s modest 6 per cent year-on-year (YoY) growth in the fiscal year 2023-24. Despite this impressive growth, fast fashion currently represents only about 10 per cent of India’s $90…
Representative Image Asia’s richest man, who made a glamorous splash this year with a $600 million wedding bash for his son, is now in a battle to hawk fashion to paying customers. Yet in this fight, Mukesh Ambani is getting beaten by a much older conglomerate. Things are becoming serious enough for him to enlist…
Shein Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country. Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the…
Textile waste is an urgent global problem, with only 12% recycled worldwide, according to fashion sustainability nonprofit Ellen MacArthur Foundation. At a factory in Zhejiang province on China’s eastern coast, two mounds of discarded cotton clothing and bed linens, loosely separated into dark and light colours, pile up on a workroom floor. Jacket sleeves, collars…
Reliance Retail Ventures is set to finally launch Chinese fast-fashion label Shein in the coming few weeks, a year after it inked a strategic partnership with the latter, multiple executives aware of the developments said. The Mukesh Ambani-owned retailer will be selling Shein’s products on its app as well as offline stores owned and operated…
