The fast-growing company founded in China has also begun diversifying its supply chain to Europe, according to memo to investors
at a time when retailers globally are seeing growth slow amid economic uncertainty and consumer spending is weakening in some markets.Shein, founded in Nanjing in China’s Jiangsu province in 2012, moved into its new global headquarters at Marina Bay Financial Centre in Singapore in February 2021. Since then its head count has increased from five people to about 100, including senior executives taking global and regional roles, the memo said.
Shein currently sells and ships products to more than 150 countries and carries pricier clothes such as evening gowns as well as household goods. It has become a major rival to European fast-fashion giants including Inditex SA’s Zara andAB, which sell apparel and accessories in stores and online.
from China’s far-western region of Xinjiang, where authorities are accused of suppressing the Uyghur Muslim population. A new U.S. rule took effect this year called the Uyghur Forced Labor Prevention Act that allows American customs officers to seize shipments of any goods that are made in Xinjiang unless companies can prove their supply chains aren’t tainted with forced labor.
In its memo, the company told investors that Shein doesn’t have any suppliers located in the Xinjiang region, and it is company policy not to work with any of the entities identified on the act’s Entity List. The company regularly checks that its suppliers meet the requirements, it said. China has denied forced labor and suppression of the Uyghurs.Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
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