For the past few years, Shein has seemed untouchable. The secretive e-commerce firm had exploded into one of the world’s most valuable private companies by shipping trendy apparel directly from Chinese manufacturers to shoppers around the world, offering rock-bottom prices in exchange for longer delivery times. But last year, Shein’s hot streak seemed in danger of ending as customer spending slowed sharply.
In a pitch to investors late last year, Shein detailed a plan to branch out and tap new sources of growth, according to documents seen by The Information. The company plans to offer faster shipping and a broader range of merchandise, putting it in more direct competition with Amazon. But one year in, the payoff from that strategy has been mixed: Shein has managed to make progress in newer markets like Brazil, but it still faces an uphill battle in the U.S. and Europe, its biggest regions in terms of sales.
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