Reports from Reuters and other reliable sources are saying that Shein is losing significant market share to its rival Temu. Profitability has also steeply declined to US$400m on Shein’s revenues of US$18bn for the first half of this year.
This raises the all-important question: Has the public begun to tire of cheap, shoddy, ill-sized clothing, and are we all being put off by the spectre of ever-increasing pollution and landfill issues? Or are people switching to Temu in the hope that it might prove to be better than Shein? Are all of the mounting environmental concerns and poor experiences with lower-end businesses prompting the start of a return to better-quality local brands?
Meanwhile, Shein is close to launching a credit card that will reward enrolled customers with points on their ongoing purchases as it continues to prepare for its IPO.
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