What the data says: Shein, the fast fashion retailer, has seen its revenue skyrocket over the past three years. It saw profits soar during the COVID-19 pandemic, as people couldn't go shopping in person and wanted cheap options for clothing and other goods. Revenue jumped from $3.15B in 2019 to $9.81 in 2020. Last year, it reached $30B, a jump of nearly double from 2021's $15.7B. Relevance: Shein, the Chinese fashion retailer that surpassed Amazon in May 2021 as America's top shopping app on iOS and Android, is aiming to reshape its public image. Known for impossibly cheap deals, the company has been much derided for alleged copyright infringement, textile waste, and questionable labor practices. Western lawmakers have pressed Shein to reveal whether its cotton comes from China's Xinjiang region, where the U.S. has accused Chinese authorities of committing genocide against Muslim Uyghurs. Shein, which has most of its operations in China but relies heavily on U.S. sales, is attempting to walk a fine line of geopolitical issues between the two nations. More info: Allegations haven't stopped shoppers from using the app. The amount of downloads globally has grown from 48 million in 2018 to 200 million in 2022. |
