It’s the season of Holiday shopping. As major fashion retailers begin to snap up discounts for buyers —a China-funded company is quietly expanding.
Fast-fashion giant Shein is getting closer to besting two of its biggest rivals this year—Zara and H&M.
In the first three quarters of this year alone, Shein’s revenue has already outpaced H&M’s by a staggering $7 billion over the corresponding period. Zara is next on the list.
The corporate ambition doesn’t stop there. Shein is looking to become a new rival to Amazon. The online retailer has been luring merchants from Amazon to its own platform with shopping incentives.
The company is also reportedly planning to go public as early as 2024, but to get there it has to bypass a string of hurdles from U.S. regulators. Shein has been facing pressure from lawmakers over allegations of unethical labor practices against the Uyghur minorities in the Xinjiang region.