Shein is a popular online fast fashion retailer that offers affordable and trendy clothing options for women, men, and kids. Here are ten fascinating facts about this fast fashion retailer:
- Origins and Rebranding: Shein was founded in 2008 by Chris Xu, an American-born Chinese graduate of Washington University. Initially named SheInside, it rebranded to Shein in 2015.
- Valuation Milestones: The company has seen exponential growth in its valuation. By November 2021, Shein's value had surged from $15 billion to $30 billion. As of February 2024, it is valued at over $100 billion.
- Fast Fashion Pioneer: Shein revolutionized fast fashion with its "real-time retail" model. Using AI technology, it can identify trends and produce new designs in as little as three days, significantly faster than competitors like Zara, which takes about three weeks.
- Massive Product Range: Shein lists between 2,000 and 10,000 new items on its website daily. This extensive range caters to diverse tastes and preferences, making it a go-to for trendy, affordable clothing.
- Global Reach: Despite being based in China, Shein targets an international market, shipping to over 200 countries. Its primary markets include Europe, America, Australia, and the Middle East.
- Influencer Marketing: Shein has built a strong following through influencer marketing. It collaborates with numerous influencers, including celebrities like Lil Nas X and Katy Perry, who headlined a virtual COVID-19 relief concert on Shein’s app in 2020.
- Gen Z Favorite: More than 50% of Shein’s customers are from Gen Z. A Piper Sandler survey found that Shein is the fourth most liked clothing brand among teens, trailing only behind Nike and lululemon.
- App Popularity: In May 2021, Shein became the most downloaded shopping app on iOS and Android in the United States, surpassing even Amazon.
- Physical Presence: While primarily an online retailer, Shein opened its first brick-and-mortar store in Tokyo in November 2022. Additionally, it has launched several popup stores worldwide since 2018.
- Sustainability Claims: Shein claims its business model reduces waste and overproduction by producing small batches and scaling up only when there is proven demand. However, many anti-fast fashion activists argue that these are simply 'greenwashing' claims by the online retailer.
