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: Stock markets
UK watchdog secures changes from Asos, Boohoo, Asda on green claims; Xi Jinping meets US CEOs – business live
From 31m ago UK watchdog secures changes from Asos, Boohoo, Asda on green claims Millions of consumers can expect to see accurate and clear green claims when shopping for fashion items with Asos, Boohoo and George at Asda, Britain’s competition watchdog said. The Competition and Markets Authority (CMA) said the companies had signed formal agreements to change the way they display, describe, and promote their green credentials. The CMA launched an investigation into ASOS, Boohoo and George at Asda in July 2022, having identified concerns of possible greenwashing during an…
China’s consumer prices fall at fastest rate in 15 years as economy battles deflation – business live
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Comments on Weibo giraffe post bemoan state of Chinese economy
A social media post about giraffe conservation has become the latest place for people in China who are unhappy about the economy to vent their frustration, as the Chinese government increasingly cracks down on negative commentary. On 2 February, the US embassy in China posted an update on its Weibo account about tracking giraffes in Namibia using GPS technology. As of Monday afternoon local time, the post had received approximately 166,000 comments, many of them about China’s economic pains. “Who can help me? I’ve been unemployed for a long time,”…
Chinese markets rally on report Beijing considering £222bn state rescue plan
Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades. However, Chinese indexes recovered slightly on Tuesday after Bloomberg reported that the authorities were…
China falls deeper into deflation territory, hitting markets, as UK house asking prices drop – business live
From 52m ago Introduction: China’s consumer price drop adds to deflation fears Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. While most of the advanced world is struggling with inflation, China has the opposite problem. The world’s second-largest economy has dropped further into deflation territory, with consumer prices falling last month, new data released last weekend shows. China’s consumer price index (CPI) dropped 0.5% on a monthly basis in November, showing that prices of a basket of goods and services fell…
Chinese fashion giant Shein has filed paperwork to float on US stock market – reports
Fast fashion giant Shein has reportedly lodged confidential paperwork with US securities regulators, informing them of an intention to go public in the US. The listing would likely be the largest initial public offering (IPO) in years. Shein is one of the global leaders of fast fashion e-commerce, harnessing a network of small-shipment manufacturers in China, and a massive online advertising presence. JPMorgan Chase, Morgan Stanley and Goldman Sachs have reportedly been hired as underwriters for the move, according to unnamed sources cited by the Wall Street Journal, Financial Times,…
China falls back into deflation territory; UK energy companies pay £10.8m for missing smart meter targets – business live
From 31m ago Introduction: China’s economy falls back into deflation as pork prices tumble Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. China has dropped into deflationary territory for the second time this year, reigniting concerns over its economy. Consumer prices in the world’s second-largest economy fell by 0.2%, compared with the previous year, in October, a larger decline than the 0.1% expected. Chinese producers also cut their prices at a faster rate. The producer price index (a measure of prices…
US orders immediate stop to some AI chip exports to China; Lloyds profits up but lending margins fall – business live
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Reckitt, the maker of Dettol bleach and Finish dishwasher products, has missed sales expectations as revenues dropped 3.6% year-on-year in the third quarter. ","elementId":"c705bb63-9627-4831-b267-42b06d699530"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Its shares were down 2.3% on Wednesday morning, despite it also committing to buy back £1bn in shares. ","elementId":"7d7e69ac-7899-4b7d-8dd7-43d2450dec8a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" It missed expectations because of the comparison with strong sales in…
UK government delays post-Brexit border checks for fifth time – business live
From 2h ago UK government confirms another delay to post-Brexit food checks The UK government has confirmed that it will delay the introduction of post-Brexit checks on food by another three months, after warnings the long-promised new regime would not be ready in time. The UK’s Cabinet Office said that “remaining sanitary and phytosanitary controls, as well as full customs controls for non-qualifying Northern Ireland goods, […] will now be introduced from January 2024. The government had said in April that new checks would come into force on Halloween, 31…