Shein, the online fast fashion retailer founded in China, has more than doubled its profits to more than $2bn (£1.6bn) as it awaits approval for a stock market listing in New York or London. The company, which is growing rapidly around the world by using social media to promote its goods, recorded sales of about $45bn last year, according to a report in the Financial Times based on information from sources close to the company. Shein, which has moved its headquarters to Singapore, is among the most profitable fashion companies…
Tag: Fashion industry
Uniqlo sues Shein over ‘imitation’ banana-shaped ‘it’ bag
Uniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped it-bag, the “round mini”. The petition demands Shein immediately stop the sale of “the imitation products” and compensation for damages incurred as a result of their sale. It was filed last month in the Tokyo district court against the fast-growing business’s parent groups Roadget and Fashion Choice, as well as Shein Japan. Uniqlo said it had filed the complaint “because it has determined that the form of the imitation products sold…
Chinese prisoner’s ID card apparently found in lining of Regatta coat
An ID card that appears to belong to a Chinese prisoner was found inside the lining of a coat from the British brand Regatta, raising concerns that the clothing was manufactured using prison labour. The waterproof women’s coat was bought online by a woman in Derbyshire in the Black Friday sale. When it arrived on 22 November, she could feel a hard rectangular item in the right sleeve, which restricted the movement of her elbow. After cutting into the coat to remove the item, she discovered what looked like a…
Fast fashion giant Temu accuses Shein of starting ‘war’ over US markets
A self-described “war” between Chinese ultra-fast fashion brands Shein and Temu has escalated, with a new lawsuit from Temu against its competitor claiming it is trying to squeeze its rival out of the US. In a lawsuit filed in Massachusetts court, Temu accused Shein of creating exclusive contracts with independent manufacturers in China that bars them from working with Temu. The company claims Shein made the agreements in an attempt to edge out Temu in US markets. “The US market is the primary theatre of this war,” Temu said in…
‘We keep pets and eat livestock, why not this?’: China’s defiant fur farmers
“Now it’s a bad time to get into the fur business,” says a farm worker in Hebei province, northern China. The worker, who has been farming foxes for more than 30 years, says they have stopped after operating at a loss for several years in a row. China is the world’s biggest producer of animal fur, but here in Suning county, its “capital of fur”, business appears quiet. “The whole industry chain – raw fur and garment production – is struggling,” says the farm worker. An average of more than…
Xinjiang cotton found in Adidas, Puma and Hugo Boss tops, researchers say
Researchers say they have found traces of Xinjiang cotton in shirts and T-shirts made by Adidas, Puma and Hugo Boss, appearing to contradict the German clothing companies’ promises to revise their supply chains after allegations of widespread forced labour in the Chinese region. Recent reports have suggested more than half a million people from minority ethnic groups such as the Uyghurs have been coerced into picking cotton in Xinjiang, which provides more than 80% of China’s and a fifth of the global production of cotton. The US banned cotton imports…