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Daily Mail
3 hours ago
- Daily Mail
Online fast fashion giant Shein sales surge to £2bn in UK
Shein saw sales in the UK surge by almost a third to £2billion last year. The online fast fashion giant said it made profits of £38.3m in 2024 – 56 per cent higher than the £24.4m haul the year before. Its cheaply priced clothes have helped entice young shoppers in the face of competition from the likes of Asos and Boohoo. And it has opened offices in London and Manchester, and a temporary shop in Liverpool. But Shein warned that 'higher inflation and increased cost of living may affect customer purchasing habits'. The group, which was founded in China but is now based in Singapore, has reportedly filed for a listing in Hong Kong. Shein's campaign for a listing on the London stock market ran aground amid human rights abuse allegations in its supply chain. Campaigners have made allegations of slave labour in the Xinjiang region of China. Beijing has denied any abuses. Shein has said it has 'zero tolerance' to abuse in its supply chain.


Daily Mail
3 hours ago
- Daily Mail
Sales slump takes shine off world's biggest jeweller Pandora
Pandora shares slumped yesterday as sales at the world's biggest jeweller fell sharply in key European markets amid tariff woes. The Danish company, whose gems are advertised by actress Pamela Anderson, saw sales fall by 9 per cent in the UK – where it operates 280 shops – in the three months to June 30. They dropped by 7 per cent in France and Italy and 6 per cent in Germany but increased 8 per cent in the US, leaving total sales up 3 per cent at £820m. Growth subsequently slowed to 2 per cent in July. Pandora said it will consider price increases as it digests the impact of the tariffs. It predicted the levies will cost it £23m this year and £52m the next. Shares tumbled 18.4 per cent yesterday, adding to losses of more than a third this year so far.


The Independent
9 hours ago
- The Independent
Pandora charms could be about to get more expensive. Here's why
Pandora reported a 9 per cent decline in its UK sales, attributing the downturn to price increases implemented due to soaring silver and gold costs. Globally, the Danish jewellery brand saw its total revenues climb by 3 per cent on a like-for-like basis, reaching 7.1 billion Danish kroner (£820 million). The company is bracing for a 450 million Danish krona (£52 million) financial impact next year as a direct result of US tariffs. To mitigate the tariff costs, Pandora is exploring measures such as switching sources of supply and shipping jewellery directly to Canada and Latin America, bypassing its US warehouse. Pandora has already implemented several price rises since October 2024 in response to higher prices and is considering further increases to offset the impact of tariffs.