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
Vogue China’s Margaret Zhang, youngest person appointed as an editor at magazine group, to step down
Three years after becoming the youngest person to hold an editor title at Vogue, Margaret Zhang is leaving her position as editorial director of Vogue China. The Australian-Chinese creative director announced her exit on Instagram today, writing: “As we kick off a transformative Year of the Dragon, I’m excited to announce that I have decided to wrap up with Vogue and jump into the next chapter of my career.” Zhang rose to prominence as a teenage fashion blogger in Sydney. By her early 20s, she had amassed over 1m followers…
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…
Online retailer Temu sues rival Shein, alleging ‘mafia-style intimidation’
The Chinese-owned online marketplace Temu has sued its rival Shein, alleging that the fast fashion giant “bullied, intimidated, and even detained” suppliers in China as part of a campaign of “mafia-style intimidation”. Reigniting an acrimonious legal battle, Temu accused Shein of trying to “illegally interfere” with its business and going so far as to confiscate merchants’ cellphones during meetings to obtain access to confidential information. Suppliers doing business with Temu have been threatened with penalties by Shein, WhaleCo Inc – which operates in the US as Temu – alleged in…
‘Substantial volume’ of clothing tied to Uyghur forced labour entering EU, says study
A “substantial volume” of clothing tainted by the use of Uyghur forced labour is entering the European Union market, according to a report, as campaigners say the EU’s checks are not doing enough to weed out coercive work from large supply chains. Dozens of well-known brands including H&M and Zara are identified as being at high risk of sourcing materials, particularly cotton and PVC, made by Uyghurs compelled to participate in state-imposed labour transfer programmes, according to a report from Uyghur Rights Monitor, Sheffield Hallam University and the Uyghur Centre…
‘Facekinis’ become all the rage in China as temperatures soar
In scorching Beijing, “facekinis” are the hottest new fashion as surging temperatures shatter records. With the mercury rising above 35C (95F) and the surface temperature soaring as high as 80C in some parts of the country, residents and visitors have taken to carrying portable fans and covering themselves up to avoid getting a tan. Some hats even have fans built in. Facekinis, or full-face masks with holes for the wearer’s eyes and nose, sleeves to cover arms, as well as wide-brimmed hats and lightweight jackets made out of UV-resistant fabric,…
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…
London losing out to Paris and Milan over tourist shopping, says Burberry
Burberry has reported a sales surge of almost a fifth thanks to a bounceback in China, but the luxury British fashion brand has warned that London is losing out to rivals such as Paris and Milan, which are enjoying a stronger tourist shopping boom. The British fashion brand, best known for its signature check bags and raincoats, said that global sales grew 18% year on year to £589m in the quarter to 1 July – its fastest growth rate in two years. The company pointed to a strong sales recovery…
‘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…
Rush for bags and scarves helps Burberry offset China Covid slump
Burberry offset a plunge in Chinese sales of more than a fifth amid Covid disruption, thanks to the return of tourists to Europe who snapped up bags, scarves and trenchcoats in the run-up to Christmas. The British luxury goods firm reported a 1% increase in global sales in the three months to the end of December, below its 2% target and sharply down compared with the 11% growth reported in the previous quarter. Burberry sales plunged 23% year on year in mainland China because of Covid lockdowns followed by a…