Latest news with #fastfashion
Reuters
a day ago
- Business
- Reuters
Shein's IPO setback is the least of its problems
LONDON, May 28 (Reuters Breakingviews) - Finding a listing venue for a vast retailer with double-digit percentage revenue growth might sound easy in theory. But fast-fashion group Shein is finding otherwise. On Wednesday, Reuters reported that the company may switch to a Hong Kong float rather than London, after failing to secure a green light so far for the UK plan from the China Securities Regulatory Commission. A bigger question is whether growing hostility to the business in the United States and Europe requires a tough geographic shift. Hong Kong was not Donald Tang's first choice for an IPO venue. The executive chairman of Shein had initially sought to list the business in New York in 2022 but faced a backlash from lawmakers like Marco Rubio, who is now secretary of state and who has criticised, opens new tab the group's labour practices. Shein has said it has a zero-tolerance policy over forced labour and child labour in its supply chain. Now, the London plan seems doomed after an apparent lack of support among Chinese regulators, according to Reuters. Shein declined to comment. Hong Kong's IPO market may be warming up from a low level, but in many ways that's beside the point for investors. The bigger concern is that Europe and the U.S., two of its biggest markets, are introducing restrictions that will erode the company's competitiveness, which has historically rested on selling clothes like dresses for less than $20 to bargain-hunting Westerners. Take Washington, which has moved to end the historic practice of granting duty-free access to sub-$800 items. Last week, Europe followed suit and announced a plan to apply a 2-euro flat fee on low-value e-commerce packages entering the bloc. These two changes will put pressure on Shein's already dwindling financials, and therefore its valuation. In February, opens new tab, the Financial Times reported that Shein's net profit in 2024 declined by almost 40% year-on-year to $1 billion despite a 19% rise in revenue. The fall in earnings was the result of increased competition from rival Temu, owned by China's PDD (PDD.O), opens new tab, according to the report, which also stated that some stakeholders had pressured the group to cut its sought-after IPO valuation to around $30 billion compared with a peak of $100 billion. Amid this pressure, Tang may need to embark on a tricky pivot. He could try to find other ways to keep Western customers, for example by setting up shop locally, but that would erode his cost advantage. Another option would be to shift away from the West and focus on countries like Saudi Arabia, where online retailers have made rapid inroads. Shein could also focus more on China or other large Asian markets. The issue, however, is that local prices are generally lower than in the United States and Europe, raising the question of whether the company would have an edge. In any case, the question of where Shein floats is probably not the main problem for investors. Follow @aimeedonnellan, opens new tab on X
News24
2 days ago
- Business
- News24
Shein to increase safety tests on products after EU threat
For more financial news, go to the News24 Business front page. Fast-fashion retailer Shein on Thursday said it would increase its testing of products this year, after the European Union warned of fines if it does not address the bloc's concerns about unsafe and dangerous products sold on its site. Shein said it targets 2.5 million product safety and quality tests in 2025, up from 2 million last year, and said it would spend $15 million on compliance initiatives this year. Shein, which sells its own-branded clothes in 150 countries, also operates a marketplace for sellers of toys, gadgets, and homeware sent directly from factories mostly in China to shoppers around the world. Since it launched its marketplace, Shein has stopped working with more than 540 sellers over compliance breaches, the company said. The EU's Consumer Protection Co-operation (CPC) network of national consumer authorities and the European Commission on Monday notified Shein of practices that infringe EU consumer law, giving the company a month to reply.
The Sun
2 days ago
- Business
- The Sun
Bargain £10 gadget is perfect for elevating your garden's privacy – but you'll have to be quick to bag the deal
SHEIN is selling a £10 buy perfect for keeping prying eyes from peeking into your garden. With temperatures set to soar again this weekend, Brits across the country are likely making plans to soak up the sun in the garden. 2 However, there's nothing worse than sitting out on the patio, glass of wine in hand, only to discover that one of your neighbours is peering at you over the fence. Putting up a large fence around your garden may seem like the obvious choice to keep away prying eyes, but this can be expensive - and can sometimes lead to disagreements with neighbours. For a hassle-free solution, Shein's Artifical Ivy Privacy Fence can keep snoopers out for just £10. The fence, which has been slashed from its original price of £11.25, features a stylish green leaf design, that will blend in to your garden's greenery. The 50 x 300cm screen can be easily attached to an existing fence or balcony to keep your outside space away from prying eyes. However, you will have to be quick to snap up the bargain, as it is almost sold out on the Chinese fast-fashion website. And the purse-friendly buy isn't the only privacy screen you can buy on Shein at the moment. The e-commerce site's High Strength Privacy Fence is priced at just £7.75, and comes in a wide range of colours, including brown and green. The bargain buy comes in a huge range of sizes, from 1m x 2m to 1.8 m x 10m, so you can be sure your garden will be protected, no matter it's size. However, some sizes have already sold out on the Shein website, so you better be quick to snap yours up. I made a DIY fence for £68 with pallets from Facebook Marketplace - it gives more privacy & people say it's 'fantastic' Plus, the product is made from UV blocking and windproof element, meaning you can be sure it won't be battered in any adverse weather conditions. B&Q's Lifelike Grape Leaf Foldable Artificial Green Wall is another penny-pincher friendly bu y perfect for keeping your garden secluded. The stylish screen comes in a realistic leaf design, perfect for blending in to your greenery. Plus, the product has been made with premium wood and weather resistant plastic, making it extra durable - so you don't have to worry about it coming down in windy or rainy conditions. What are your rights over a fence row? IT'S very important to know your rights if you are embroiled in a fence row with a neighbour. How do I know which side I own? A boundary feature can be a fence, wall, hedge, ditch, piece of wire, or sometimes even just the edge of a driveway. The only way to know for certain who owns what side and to avoid any neighbour disputes, is to refer to the title plan or Land Registry. In this, the T mark is used to indicate who the boundary belongs to and therefore who is responsible for its upkeep, say pros at Jacksons Fencing. Larger developments tend to have some indication provided by the builder, but there are no hard and fast rules People often think they are responsible for the left (or right) hand boundary wherever they live, but there isn't any legal basis for this. You can check with HM Land Registry to see which boundary feature you are responsible for. Often households can't get hold of the paperwork but experts say they shouldn't panic. Homeowners can guess who owns the fence by checking where the rails are. Pros say: "The fence is typically facing away from their property so that their neighbour gets the 'good' side. 'This is the most secure way of facing fencing so there are no rails for anyone to use to climb into your garden. 'This is then repeated with the neighbour on the other side to ensure that each home has both a 'good' and 'bad' fence side.' Walls and fences are often built on the land of the boundary's owner with the edge of the wall marking the limit. While professionals agree a glimpse at the fence can give you a hint, it's not foolproof - so you can't be certain. Fines and punishment It is recommended to always check legal documents before making changes to avoid hefty fines. There is no law that the neighbour has to get the good side of the fence, so it's completely up to whoever owns the fence. Fencing pros have suggested: 'It may be worth selecting a double-sided panel with no 'bad' side as both sides look the same and rails are concealed within the fence panel.' If one boundary backs onto a road or footpath you can install the panels with the rails on the inside But if it's installed on the outside, it can provide an 'easy ladder for burglars to enter your garden'. The Royal Institution of Chartered Surveyors (RICS) and the Property Litigation Association have created a mediation service to help neighbours resolve disputes over their property boundaries without resorting to court action. RICS also provides a list of surveyors who could assist in boundary disputes. If a dispute continues, it is ultimately a court that makes decisions, but they do not like such disputes being put before them. Changing a boundary If you want to change an existing boundary, such as replacing an old fence with a new one, we always recommend discussing with your neighbour first and making sure it is all agreed. The registered titles can help you to reach an agreement, but only if this information has been added. In terms of decorations on a fence legal advisers recommended asking around over who actually first installed it. But they also urged caution before getting to work on amending the fence without getting more certainty yourself - since there is a danger of actually being prosecuted for criminal damage. How high can a garden fence be? The height of the fence is measured from your ground level, this can have an impact when, due to slopes in the ground, your garden may be at a higher level than your neighbours '. A garden fence can be as high as 100m but you need to get planning permission if it's over than 2m. However, there are some complications to this. If you are thinking about front garden fences, restrictions state that fences alongside a driveway can be a maximum of 1m or 3ft. You would need to get planning permission for putting a trellis on a fence of 2m. But, if any plant that you grow on that trellis exceeds 2m, you do not need to obtain a permit for the growing plant. A product description reads: "Bring refreshing greenery to your outdoor décor with this artificial hedge panel. "Designed for versatility, it works as a fence screen, wall décor, or garden hedge. "Its durable construction offers UV protection, while the breathable design ensures proper airflow. "Perfect for balconies, patios, or terraces, it combines beauty and practicality without the need for ongoing maintenance." However, the privacy screen is only available online, so you will have to order it via the B&Q website instead of heading to your local store if you are keen to snap up the bargain.
CTV News
2 days ago
- Business
- CTV News
Shein to increase product safety testing after EU probe
A page from the Shein website is shown in this photo, in New York, Friday, June 23, 2023. (AP Photo/Richard Drew) Fast-fashion retailer Shein on Thursday said it would increase its testing of products this year, after the European Union warned of fines if it does not address the bloc's concerns about unsafe and dangerous products sold on its site. Shein said it targets 2.5 million product safety and quality tests in 2025, up from 2 million last year, and said it would spend US$15 million on compliance initiatives this year. Shein, which sells its own-branded clothes in 150 countries, also operates a marketplace for sellers of toys, gadgets, and homeware sent directly from factories mostly in China to shoppers around the world. Since it launched its marketplace, Shein has stopped working with more than 540 sellers over compliance breaches, the company said. The EU's Consumer Protection Co-operation network of national consumer authorities and the European Commission on Monday notified Shein of practices that infringe EU consumer law, giving the company a month to reply. Reporting by Helen Reid; Editing by Saad Sayeed, Reuters
Yahoo
2 days ago
- Business
- Yahoo
Shein to increase product safety testing after EU probe
LONDON (Reuters) -Fast-fashion retailer Shein on Thursday said it would increase its testing of products this year, after the European Union warned of fines if it does not address the bloc's concerns about unsafe and dangerous products sold on its site. Shein said it targets 2.5 million product safety and quality tests in 2025, up from 2 million last year, and said it would spend $15 million on compliance initiatives this year. Shein, which sells its own-branded clothes in 150 countries, also operates a marketplace for sellers of toys, gadgets, and homeware sent directly from factories mostly in China to shoppers around the world. Since it launched its marketplace, Shein has stopped working with more than 540 sellers over compliance breaches, the company said. The EU's Consumer Protection Co-operation (CPC) network of national consumer authorities and the European Commission on Monday notified Shein of practices that infringe EU consumer law, giving the company a month to reply. Sign in to access your portfolio
