Shein hit record profitability in the first half of this year, the fast fashion giant informed investors in a letter seen by CNBC. The news comes as the fast fashion retailer denied a fresh round of IPO rumors in late June. The China-founded e-commerce site has experienced remarkable growth in Brazil, rapidly ramping up its presence this year, with total sales increasing threefold to nearly $100 million in the country since the beginning of 2023. In May, Shein opened its platform to third-party Brazilian sellers and currently has 6,000 active marketplace merchants, representing over a third of the nation’s total merchandise value, the CNBC report quotes executive vice chairman Donald Tang as saying. Shein also plans to expand its marketplace program to more countries while diversifying its sales categories beyond just fashion, amid competition with China-founded rivals Temu and TikTok. [CNBC]
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