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In order to witness the realization of the most anticipated and long-awaited IPO in the global fashion industry in recent years, it seems that we need to start looking at the country where it all started and was driven: in fact, it is in Hong Kong. According to rumors reported by the Financial Times last June, the exchange may land ShaneThe fast fashion giant, born in Nanjing in 2012 and headquartered in Singapore since 2019, has won millions of consumers in 150 countries around the world with its unique formula: extremely low costs, an unlimited product catalog, ultra-fast service, and production from the time of delivery (mainly concentrated in the Guangzhou area of China).
In “Western” markets such as New York and London, clouds of uncertainty have gathered over the last year: In the United States, Shein has recently come under scrutiny amid commercial and political tensions with Beijing, as its technology used in American manufacturing and trading partners could pose a threat to national security. In Europe, the European Commission set a deadline of April 26 to include Shein on its list of “very large online platforms” (fail), are therefore obliged to adapt to the strict rules of the Digital Act and are discussing raising Responsibilities For products like Shein. At the same time, regulations are increasing – for example on eco-design, circularity and traceability – and agencies are trying to force the fashion industry to reduce its still-too-heavy impact on the planet.
Shein still believes in its formula – truly democratic fashion, produced on demand based on data collected on favourite styles and trends, thus avoiding overproduction – but is also aware of the importance of investing in sustainable development and has published a dedicated report on these topics for three years. In the recentPublished a few days ago, along with the necessary descriptions of meritorious initiatives, ambitious plans and undoubted progress, one fact stands out: “Our absolute emissions have grown from 9.17 million tons of CO2e in 2022 to 16.68 million tons of CO2e in 2023” We recognize that we still have much work to do in terms of impact and are committed to making progress,” a paragraph on page 31 reads.
That figure represents an increase of nearly 82%, but that’s not the only cause for concern: the report also states that greenhouse gas emissions related to direct operations increased from 3,781 to 7,514 tons between 2022 and 2023; indirect energy related to purchased electricity, from 19,505 to 25,788 (Shein claims that 72% of its energy consumption comes from renewable sources, compared to 68% in 2022); and those generated by Product Transportationfrom production to sales to returns, from 3.2 million to 6.3; emissions from the Shein brand product supply chain decreased from 5.8 million to 10.2 million; industrial waste generated by facilities directly managed by Shein alone increased from 352 to 6,045. The network of partner producers mentioned in the report is 5,800, but this figure only includes those producers who handle Shein brand finished products, that is, the final stage of the supply chain, and those who have direct contracts with the group.
In terms of the fibres used in its products, nearly 76% is polyester, of which 6% is recycled (although its evoluShein sustainability strategy, launched in 2022, aims to reach 31% by 2030); cotton is close to 10%, followed by viscose (8%), of which 5% comes from certified cellulose.
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