Criticized fashion giant Shein's profit plummeted by nearly 40 percent in 2024, reports Financial Times, citing sources close to the newspaper. Behind the decline lies, among other things, a sharply increased competition from Chinese Temu, which has also specialized in selling low-price goods worldwide.
A positive aspect for the company, however, is that sales simultaneously increased by 19 percent to 38 billion dollars, according to FT.
Fashion giant Shein has for a longer period been questioned from various perspectives, including sustainability aspects as well as working conditions in China. Recently, it also topped the Swedish Consumer Agency's (ARN) list of disputes between companies and consumers.
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