Shein

A sign hangs outside of the Shein warehouse on November 29, 2023 in Whitestown, Indiana. Scott Olson | Getty ImagesThe chair of a powerful House committee is drilling down on Shein's data privacy practices and its relationship with the Chinese Communist Party as the fast-fashion giant moves closer to a U.S. IPO. Reps. Cathy McMorris Rodgers, a Washington Republican who leads the House's Committee on Energy and Commerce, sent a letter to Shein on Wednesday asking about the user data it collects and the communications it…

Earlier this week, The Exchange argued that the PDD-Shein rivalry was worth keeping an eye on. PDD is a Chinese company that owns the well-known Pinduoduo e-commerce business as well as Temu, a discount online retailer that has seen quick growth in the U.S. market in recent years. The Exchange explores startups, markets and money. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. Our post was well-timed. Two days after our short look into the rivalry, Temu…

Last week, ulltra-fast fashion brand Shein confidentially filed for an IPO. The eleven year-old company is known for creating very low cost garments that it can produce quickly for its predominantly Gen Z customers. Today the company has a private-market valuation of $66 billion but is seeking a valuation as high as $90 billion during the IPO process. On this week’s episode of Most Innovative Companies, we spoke with Shein’s head of strategic communications Peter Pernot-Day to learn moreSenior Staff Writer Elizabeth…

Spencer Soper / Bloomberg: Amazon plans to cut seller fees on clothing items under $15 to 5% in January 2024 and $15 to $20 items to 10%, down from 17%, in a bid to compete with Shein — Amazon.com Inc. is sharply cutting fees for merchants selling clothing priced below $20, a sign it's hunkering down for a price war with Chinese fast-fashion upstart Shein. Spencer Soper / Bloomberg: Amazon plans to cut seller fees on clothing items under $15 to 5% in January 2024 and $15 to $20 items to 10%, down…

Lawmakers are ramping up their scrutiny of Shein after it confidentially filed to go public last week.One congressman who sits on a key committee is even threatening to pursue legislation to bar the retailer from trading if the U.S. Securities and Exchange Commission doesn't reject its application.Rep. Blaine Luetkemeyer, R-Mo., issued a video address Tuesday saying Shein "warrants extreme caution from regulators, customers and investors" as the fast-fashion powerhouse sets the stage to start trading on U.S. exchanges as…

Welcome to the TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by the daily TechCrunch+ column where it gets its name. Want it in your inbox every Saturday? Sign up here. We won’t be getting our hands on a Shein filing just yet, but we can’t wait to — especially to understand the logic and math behind its ubiquitous ads. But in the meantime, we landed on some unexpected tidbits from Molten Ventures, which will be of interest to both VCs and founders. By the way, if you plan to be in San…

Reddit’s long on-again, off-again plans to go public might be on yet again.Bloomberg reports that the social media giant has once more begun holding talks with potential investors, with optimism rising about a possible window for public debuts. A Reddit IPO could come as early as the first quarter of 2024, Bloomberg reports.Reddit is reportedly considering a valuation as high as $15 billion.A lot of the decision could hinge on the success of a pending IPO from Shein. That fast-fashion company made its filing…

We last wrote about Lassie, a pet health app and insurance provider, when it closed an €11 million Series A round in 2022. It’s growth had been spurred by the boom in pet ownership during the pandemic (nearly half of all European households now own a pet, and and owners spend €23.5 billion on them annually) and when pet owners turned to mobile apps to maintain their pet’s health. This turned out to be a big driver of pet insurance companies such as ManyPets (UK) and Dalma (France). Lassie has now raised €23 million…

A Shein Group Ltd. pop-up store inside a Forever-21 store in the Times Square neighborhood of New York, US, on Friday, Nov. 10, 2023. Yuki Iwamura | Bloomberg | Getty ImagesShein has confidentially filed to go public in the U.S. as the Chinese-founded fast fashion juggernaut looks to expand its global reach with a long-rumored IPO, CNBC has learned. The retailer was last valued at $66 billion, and could be ready to start trading on the public markets as soon as 2024, people familiar with the matter said Monday. It is…

A $5.93 mobile phone holder seemed like a gamble worth taking for Michelle Zhang. During the past year, she has become a regular shopper on the cut-price ecommerce app Temu, mostly purchasing home and kitchen appliances. “Things on Temu are usually less than half of their prices on Amazon, and you don’t have to purchase in bulk,” she says, “even though some cups I bought broke easily, I got refunded pretty conveniently.”Since launching in the US in September 2022, Temu—owned by the Chinese internet giant PDD Holdings,…