The Chinese-owned ecommerce play has become one of the nation’s biggest fashion retailers in a few short years, on par with Myer and Cotton On.
Ultra-cheap Chinese fashion retailer Shein’s local operation has raked in nearly $1 billion in sales and tripled its profits in 2023 as cost-of-living pressures drive budget-conscious young parents to the fast-fashion behemoth to fill their wardrobes.
“Few in the retail scene and more broadly in business would have ever predicted that a retailer of this nature – ultra-cheap, fast fashion from China – would have established a foothold of this magnitude in Australia,” she said. “The brand awareness is pretty extraordinary,” said Demasi. “ about the same awareness that The Iconic has. The only that have higher brand awareness are David Jones, Myer, Kmart – their brand awareness is like 90 per cent, just to put that into context.”Women’s clothing comprises the majority of Shein’s sales, with customers flocking to the online site for its breadth and range of products and free and fast delivery.
However, despite Shein’s popularity, one in 10 shoppers say they wouldn’t shop there again amid concerns about low quality and ethics.Shein was founded in China in 2008 and became the world’s largest fashion retailer in 2022. The company is headquartered in Singapore. The– chief executive Xu Yangtian, Molly Miao, Gu Xiaoqing and Ren Xiaoqing, was estimated at nearly $US40 billion in late 2022.
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