Shein platform model expands product categories and introduces more well-known brands

Recently, Shein announced that it will expand the product range of third-party sellers, introduce new categories such as home appliances and smart home, and further enrich the original product categories. It is reported that Shein will also cooperate with more world-renowned brands to expand the scale of its market platform launched in the United States and Brazil.

It is reported that Shein's added products include home appliances such as portable washing machines, smart home products such as remote-controlled lighting, and home DIY products such as bathroom fixtures and wallpaper. However, Shein has not yet disclosed which brands will participate in this expansion.

In addition, Shein has also reached cooperation with many world-renowned brands, such as the shoe brand Skechers and the maternal and child care brand Lansinoh, which have settled on the platform. In addition, SHEIN is working with multi-brand boutiques to further expand its fashion, beauty and lifestyle products.

Shein revealed that the purpose of this marketplace expansion is to meet the diverse needs of customers by offering a wider variety of products and categories, while ensuring faster order fulfillment.

In the coming months, Shein will continue to launch the marketplace model in other markets. In May, it launched third-party marketplaces in Brazil and the United States.

The move to expand its product range comes after Shein's fast fashion business has seen growth slow, in line with broader trends in the fast fashion industry as budget-conscious consumers have pulled back on spending and the industry faces tougher competition.

Also last month, Shein raised $2 billion and slashed its valuation to $66 billion. Earlier, it was reported in January that Shein was planning a $3 billion round of funding that would have reduced its valuation to $64 billion.

In February, Shein told investors it planned to double its revenue by 2025 and expected its gross merchandise value (GMV) to grow 174% from the same period, reaching $58.5 billion in annual revenue. That would more than double its total revenue of $22.7 billion last year.

Editor✎ Ashley/

Disclaimer: This article is copyrighted and may not be reproduced without permission.