Summary
Shein's founder, Xu Yangtian, made a rare public appearance to reaffirm the company's commitment to China. He announced a significant investment in the Guangdong province's clothing industry. The company plans to maintain a strong presence in China despite its global expansion efforts.
Key Facts
- Shein's founder, Xu Yangtian, also known as Sky Xu, appeared at a business conference in Guangdong, China.
- Xu announced Shein would invest over 10 billion yuan (about $1.45 billion) in Guangdong to create a high-tech fashion hub.
- Xu praised the Chinese government for its role in Shein's success, calling Guangdong "fertile ground" for development.
- The company's headquarters are in Singapore, and it is considering a stock market listing in New York and London.
- Shein supports over 600,000 jobs in Guangdong and plans to increase digital services there.
- The company has faced scrutiny due to U.S. trade policies and concerns about its environmental impact and labor conditions.
- The European Union is investigating Shein for potential digital law breaches, leading to the removal of certain products.
- Shein plans to open more stores in France despite recent protests in Paris.
