Shein shoppers fume ‘this is not ok with me’ – as online retailer raises prices on more than 30% of products
SHEIN customers have shared their fury after the online retailer raised prices on more than 30% of products.
The Chinese-owned company is renowned for its extreme bargain offerings.
GettyShopping at Shein has gotten considerably more expensive over the last year[/caption]
Fast fashion retailer Shein, known for its China-made clothes, has hiked prices by over a third on some core products, according to a new price analysis.
London-based research firm EDITED carried out a a comparison of prices between July 1, 2023, and July 1, 2024.
It found that the online retailer had increased prices more than its rivals H&M and Zara.
The average price of a dress on Shein jumped by 28%, from $22.20 to $28.50.
Meanwhile, footwear saw the biggest jump in price, from $25.30 for the average pair of shoes to $40.70.
To some extent, the increase has been driven by the inclusion of premium brands like Sketchers on the Shein platform.
‘DEPRESSING’
Shein customers have noticed that their favorite fashion destination is getting more expensive.
“This is not ok with me,” posted one woman on TikTok.
“Girl, I feel this,” chimed in another. “Depressing for sure.”
“I still don’t get it Though,” wrote a third. “Most of their clothes are not quality.”
WHY THE PRICE INCREASES?
Analysts have drawn a connection between the price increases and Shein’s plans to become a public company.
Price hikes have boosted the company’s annual revenue from $32.2 billion in 2023 to $50 billion in 2024, according to estimates from Coresight Research.
This increase in revenue will help Shein attract higher prices during its initial public offering (IPO).
An IPO is when a private company sells shares of its stock to the public for the first time, making it a public company.
WHO OWNS SHEIN?
Shein is owned by parent company Nanjing Lingtian Information Technology, but the company’s ownership is frequently branded a mystery.
it was founded in Nanjing, China, in 2008 as ZZKKO by entrepreneur Chris Xu.
The elusive billionaire rarely gives interviews or appears in public.
Despite its massive popularity, Shein has faced controversy due to its use of Chinese sweatshops and child labor.
In other consumer news, Adobe has been sued for “trapping” customers in their Photoshop subscriptions.
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