Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Fast Fashion Retailer Shein to Launch Resale Platform in Europe, UK

 A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo Purchase Licensing Rights
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo Purchase Licensing Rights
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Fast Fashion Retailer Shein to Launch Resale Platform in Europe, UK

 A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo Purchase Licensing Rights
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo Purchase Licensing Rights

Shein said on Monday its resale platform, where customers can buy and sell previously pre-owned products from the fast fashion retailer online, will be made available in Europe and the UK.

The platform, which was launched in the US about two years ago, will now be accessible in France, followed by the UK and Germany in subsequent phases, Reuters reported.

The online retailer, founded by a Chinese entrepreneur, is also said to be preparing to file a prospectus with Britain's Financial Conduct Authority for approval ahead of a potential London float, according to a Sky News report from Sunday.

The company said the latest launch of the Shein Exchange platform comes after studies revealed that 50% of respondents from the UK, France, Germany, and Brazil are driven by sustainability to buy second-hand clothes online.

In 2023, over 4.2 million new users signed onto the exchange platform in US, with over 115,000 pre-owned items listed for sale by over 95,000 sellers, the company added.



Aswat Asharq Al-Awsat : LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.