Chinese online retailer Shein reported profit in the first half of 2023. Revenue hit a record thanks to growing popularity in the US market. WWD writes about it.
“In the first half of the year, we posted the highest net income in the company’s history, compared to a period close to breakeven in 2022. Our leadership position is reinforced by the pace of sales growth in the United States,” said Donald Tang, executive vice president of the retailer.
Known for its extremely low prices on clothing, Shein recorded sales of $700 million. The company is said to be targeting $60 billion in revenue by 2025. The main hurdles Shein faces in the run-up to its IPO are media criticism of forced labor in Xinjiang and regular rights infringement. of intellectual property.
In the report, Tang also noted that Shein is working to position itself as an online platform to sell home and leisure products to compete with Amazon and Walmart. The company is currently expanding its activities in Germany, Spain, France and Italy.
We will remember that it was previously known that the Swedish brand H&M intends to sue Shein. The statement says that the cause was the repeated violation of copyright.
