Tag: SHEIN

Singapore – Popular fast fashion retailer SHEIN has laid 17 employees in Singapore, as confirmed by the company to MARKETECH APAC. This is despite reported plans that the brand is aiming for an IPO at the London Stock Exchange (LSE).

In a statement by a SHEIN spokesperson, it had stated that the employees come from the company’s IT research and development (R&D) arm, and were notified on September 25.

“As SHEIN continues to grow its operations in Singapore with a newly expanded office to accommodate its increasing workforce, the company has also restructured the Singapore arm of its IT R&D team, relocating some positions to other markets as part of its ongoing strategy for continued global expansion, localisation and to drive efficiency. A total of 17 employees in the Singapore office have been affected and were notified on September 25, 2024,” the spokesperson told MARKETECH APAC.

While it did not detail particulars on retrenchment packages to the employees, the spokesperson said that it has committed to support the affected employees throughout the transition period.

“We are committed to working with the affected employees throughout this transition period, providing necessary support and assistance, as well as the opportunity to apply for alternative roles to support localisation efforts in other markets,” the spokesperson added.

SHEIN is reportedly aiming for a London IPO after a planned New York IPO in 2023 came under fire, with both Republicans and Democrats opposing the public listing.

Despite SHEIN being one of the most popular fast fashion brands globally–estimated to have a US$22.7b annual revenue in 2022 according to Statista–the brand itself has been repeatedly criticised over its production practices that promote wastage and pollution, as well as various claims of plagiarised designs of its items that are derived from popular brands.

In August 2023, SHEIN had signed a strategic partnership with SPARC Group, the parent company of Forever 21, in a bid to expand SPARC Group’s distribution of Forever 21, adding value and variety for SHEIN’s extensive customer base.

Singapore – Global integrated fashion and beauty online marketplace SHEIN has announced a total commitment of $8.67m for the intended purpose of empowering communities and advancing opportunities for education in Singapore and beyond.

Through the commitment, SHEIN has signed four memoranda of understanding (MOUs) were signed with the University of the Arts Singapore (UAS), the Singapore University of Technology and Design (SUTD), SG Her Empowerment (SHE), and Access Singapore.

Around S$5m of that funding will go to UAS, where income from the endowment will be disbursed in the form of bursaries to help defray a portion of the tuition fees and living expenses of UAS students from lower-income households. Moreover, SHEIN is open to opportunities such as job attachments, mentorships and employment opportunities after graduation to these bursary recipients.

Meanwhile, S$2m of the funding will go towards Temasek Trust’s Philanthropy Asia Alliance (PAA) initiative, which will fund projects related to PAA’s focus areas of holistic & inclusive education, and climate & nature.

In addition, S$1m of the funding will go to SUTD in support of its 42SG programme. The donation will be used to support the set-up and running of the programme, which supports digital upskilling for lifelong learners.

Lastly, the S$400k and S$275k will go towards Access Singapore and SG Her Empowerment respectively.

Leonard Lin, head of public affairs and general manager of Singapore at SHEIN, said, “SHEIN is deeply commited to empowering communities we reach. Through our investment in these organisations, we hope to contribute to the growth and prosperity of Singapore and beyond, thereby fostering a more inclusive global society.”

He added, “Aligned with our motto of making the beauty of fashion accessible to all, we hope that the donation strengthens the accessibility of opportunities to our beneficiaries.”

USA – SPARC Group, the parent company of Forever 21, has just announced its strategic partnership with SHEIN, the global integrated online marketplace for fashion, beauty and lifestyle products. The partnership will focus on meeting the needs of customers in the U.S. and around the world.

The partnership is expected to expand SPARC Group’s distribution of Forever 21, adding value and variety for SHEIN’s extensive customer base.

Under the agreement, SHEIN acquires an approximately one-third interest in SPARC Group, a joint venture that includes Authentic Brands Group and Simon Property Group, and in turn, SPARC Group becomes a minority shareholder in SHEIN.

The partnership also offers the opportunity to test SHEIN customer-focused experiences in Forever 21 locations across the U.S. including shop-in-shops, enabling return to store and other initiatives.

Together, SHEIN and SPARC Group plan to utilise their complementary platforms and expertise to accelerate product innovation, explore new business strategies, enhance customer experiences, and grow their presence in the marketplace.

Talking about the partnership, Marc Miller, CEO of SPARC Group, said,  “We are excited for the partnership with SHEIN as it reflects our shared vision of providing customers with unparalleled access to fashion at affordable prices. By working together, we will provide even more innovative and trendsetting products to fashion enthusiasts around the world.”

Jamie Salter and David Simon, directors of SPARC Group, also added,  “We are very pleased to welcome SHEIN as a strategic partner and shareholder in SPARC Group. SHEIN is the world’s leading online fashion platform delivering style and value around the globe and we are looking forward to working together.”

Meanwhile, Donald Tang, executive chairman of SHEIN, commented,  “SHEIN is thrilled to have SPARC Group as a partner and minority shareholder and we look forward to finding new ways to delight our customers through the potential of this partnership.”

“The powerful combination of Simon’s leadership in physical retail, Authentic’s brand development expertise, and SHEIN’s on-demand model will help us drive scalable growth and together make fashion more accessible to all,” he added.