Market Extra
Shein’s rise in popularity among Gen Z and millennials and talk of an IPO in the U.S. have raised concerns and scrutiny around the app
All eyes on Shein.
MarketWatch photo illustration/iStockphoto
Last week, 22 members of the U.S. House of Representatives urged the U.S. Securities and Exchange Commission to increase scrutiny of Chinese fast-fashion giant Shein.
Shein, for those unfamiliar with the company, has had a meteoric rise in the past few years, going from $15.7 billion in revenue in 2021 to $30 billion generated in 2022, according to some estimates. Shein was also downloaded around 200 million times in 2022, making it the most downloaded app in the shopping category in the U.S., according to Business of Apps….