SHE IN has launched SHEIN Exchange, an integrated online peer-to-peer reselling platform for buying and selling previously owned SHEIN products, created in partnership with tree. The launch was fueled by community-created Facebook groups and social platforms where SHEIN customers showed their interest in a resale destination where they could buy and sell used items without the barrier of platform fees. Additionally, SHEIN was likely looking for a sustainability-focused facelift ahead of a planned US IPO.
SHEIN Exchange, which can be accessed through the existing SHEIN app, aims to simplify reselling by allowing sellers to list items through an interface that can be pre-populated with your previous purchases for quick and easy listing. easy. The service is currently available in the US, with plans to expand it globally next year.
This pilot version is part of SHEIN’s broader commitment to address current textile waste issues and build a more circular fashion industry. SHEIN has also become a signatory to World Circular Textiles Day, a coalition of organizations with a mission to shift the fashion and textiles industry towards full circularity by 2050.
“At SHEIN, we believe it is our responsibility to build a fashion future that is equitable for all, while also accelerating solutions to reduce textile waste,” said Adam Whinston, Global Head of ESG at SHEIN in a statement. “SHEIN Exchange’s goal is to make reselling as easy and convenient as buying something new, while also igniting a cultural movement of circularity within our own SHEIN community. We are calling on our community to mobilize and keep used clothing in circulation for as long as possible. By leveraging the reach and influence of our growing community, we believe shopping resale can become the new normal in our industry.”
SHEIN is launching its resale program after coming under fire for its fast fashion practices, with criticism coming from the circular fashion platform. ThredUP at the forefront. In June 2022, ThredUP responded to a SHEIN pop-up in San Francisco offering Bay Area customers 40% discount on your first ThredUP purchase and free shipping if promised not to shop at SHEIN’s pop-up event.
The fast fashion retailer has also been seeking good PR in response to a wide range of claims against it in multiple media outlets and even government actions. A British Channel 4 documentary reported that SHEIN workers in at least one Chinese facility receive the equivalent of four cents per article, and New York Attorney General Letitia James recently fined the parent company of the retailerZoetop, $1.9 million for failing to protect buyer data during an October 2018 data breach.
The image polishing could help SHEIN prepare for a possible US initial public offering, which has reportedly been delayed until at least 2024, people familiar with the matter said. Bloomberg. The retailer has achieved a $100 billion valuation, and justifying it to potential investors could be a challenge. However, the environmental, social and governance (ESG) resolutions received 33% support in recent shareholder meetings, from 22% five years earlier, according to Bloomberg Intelligence. Increasing SHEIN’s ESG good faith might take some time, but it could also help it attract capital when it goes public.