Shein, a fast fashion e-commerce site known for selling $10 clothes made in China, has raised prices by more than a third on some key products to boost revenue ahead of its IPO.
This was revealed by Reuters, which cites a study by the London-based research company Edited.
The analysis compares prices on June 1st with those of a year earlier and shows how Shein’s average price increases exceeded those of H&M and Zara.
In the United States, which is Shein’s largest market, the company increased the average price of women’s clothing by 28% in the year to June 1, to $28.51.
While still well below the average of a dress from H&M ($40.97) or Zara ($79.69), the research shows that Shein’s average price increases have outpaced those of its rivals over the period. last year.
At the beginning of June on the British Shein site, a dress cost on average 24.12 pounds ($30.97), 15% more than a year earlier, while French, German, Italian and Spanish users now they have to pay 36% more to buy a dress on the Chinese platform.
Most of the clothing Shein sells is produced in Guangzhou, China, by its approximately 5,400 suppliers.
Although Shein does not publish financial data, Coresight Research estimates that Shein’s revenue will reach $50 billion this year, an increase of 55% over last year’s figure.
Raising the prices of the garments and opening the site to a greater number of external retailers can help Shein reach this sales figure and increase profits while waiting for the IPO.
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