Shein: Chinese Fast-Fashion Targets Sustainability

Published on:
by KnowESG,

Shein

KnowESG_Fast Fashion
Image courtesy of Unsplash

According to Shein's Executive Vice Chairman, Donald Tang, the Chinese fast-fashion retailer has plans to shift towards a greater focus on sustainability. Tang stated that consumers are now not only concerned about affordability but also increasingly prioritise sustainability.

Shein, known for its inexpensive clothing such as $10 dresses and $5 tops, has gained market share from other affordable fashion retailers. However, the company has faced criticism for promoting throwaway fashion, as it produces clothing in China to sell online in the United States, Europe, and Asia.

"At the World Retail Congress in Barcelona, Tang highlighted that consumers today are no longer solely focused on price when making purchasing decisions. To sustain growth in the next phase, companies need to prioritise environmental, social, and governance (ESG) considerations," Tang explained.

ESG, which stands for environmental, social, and governance, refers to the initiatives and actions taken by corporations to be more responsible in their business practices. This encompasses considerations related to environmental impact, social responsibility, and governance practices aimed at ensuring transparency, accountability, and ethical decision-making.

Featured Article: 13 Sustainable Designers And Luxury Fashion Brands You Need To Know

Tang revealed that Shein is working on providing customers with the option to choose higher-quality materials for certain items and pay a premium for them as part of their sustainability efforts. He also highlighted Shein Exchange, the company's platform that allows shoppers to resell used clothes, which launched in the US in October and is expected to expand to other markets later this year.

Tang further noted that Shein's growth has been consistently strong, with typically less than 2% of unsold inventory, indicating the company's success in managing its stock levels efficiently.

For more company-related news

Source: Reuters

Share:
esg
esg
esg
esg

Companies Headlines

AWS, SLB Leverage New Technologies to Reduce CO2 Emissions

AWS, SLB Leverage New Technologies to Reduce CO2 Emissions

Nestlé Introduces New Sustainable Paper-Based Options

Nestlé Introduces New Sustainable Paper-Based Options

Tesla Invests Heavily in Sustainable Products

WNS, Uniqus Partner for ESG, Accounting, and Reporting

Smithfield Foods Launches GHG Reporting System

CultivateAI Joins Gevo to Advance Carbon Tracking Solutions

Archroma Launches PLANET CONSCIOUS+ for Sustainable Textiles

Ajinomoto, Danone Partner to Reduce Dairy Farming Emissions

RuralWorks Invests in Glavel for Sustainable Building

Is ESG Over? Exploring the Future of Sustainable Investing

More from Shein
How Can Businesses Build Trust With Their ESG Claims?
How Can Businesses Build Trust With Their ESG Claims?
How Can Shein Clean Up Its Act?
How Can Shein Clean Up Its Act?
What Is The Impact Of Shein’s Fast Fashion?
What Is The Impact Of Shein’s Fast Fashion?
Is Shein Environmentally Friendly?
Is Shein Environmentally Friendly?