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China’s Shein Denies Filing for IPO in US

Also in this week’s Worldview, De Beers strikes a deal with Botswana over rough diamond production and Lotte Duty Free opens a Korean fashion pavilion in Japan.
Shein has reportedly been valued at $100 billion.
Shein denies US IPO. (Instagram @sheinofficial)

Worldview is a new weekly BoF Professional newsletter that builds upon our China Decoded newsletter. In addition to China, Worldview brings you fashion business news and analysis on the wider Asia-Pacific region, the Middle East, Africa, Latin America, CIS and Eastern Europe. This week:

Shein denies confidentially filing for a US IPO. A spokesperson for the Chinese fashion giant said “rumours” that a listing could happen before the end of the year, as reported by Reuters citing sources familiar with the matter, were not accurate. [CNBC]

Mexican luxury department store El Palacio de Hierro expands. The chain with more than twenty stores, including “outlet” and “boutique” formats across the country, is opening a branch next year in Leon, Guanajuato state. [Fashion Network Mexico]

De Beers strikes a deal with Botswana to continue rough diamond production. A breakthrough in tense negotiations between the mining, gem and jewellery group and the government of one of the world’s largest diamond producing countries means stability for global supply chains. [Financial Times]

Lotte Duty Free opens Seoul Fashion Week pavilion in Japan. The company’s CEO said the space in its Tokyo Ginza store will promote Korean fashion brands in the key market where Hallyu trends have been influential for years. [Retail in Asia]

Net-a-Porter extends its marketing calendar to Eid al-Adha. To complement Ramadan and Eid al-Fitr campaigns earlier in the year, the e-commerce major featured edits by modest fashion influencers Nia Amroun and Imane Asry for the Islamic holiday celebrated worldwide from Jun. 28. [Net-a-Porter]

Turkey’s apparel exports register only slight decline despite earthquake disruptions. In the period from January to May, during which two devastating earthquakes hit the country, exports fell 1.12 percent year-on-year in the key manufacturing and sourcing market. [Fibre2Fashion]

Nike Inc.’s Greater China performance exceeds analysts’ expectations. The company appears to be regaining lost ground in the market, where fourth quarter revenue hit $1.8 billion, reflecting a comeback from ‘zero-Covid’ challenges and the Xinjiang cotton controversy. [BoF]

The EU is ready to work with Nigeria’s new president to revive the country’s textile sector. The head of an EU delegation to Nigeria and the Economic Community of West African States (ECOWAS) indicated at a recent event in Abuja that a private sector platform could be established to facilitate business. [Leadership]

Growth flatlines for India’s wedding clothing manufacturers. Sales were average to poor during the latest wedding season, according to 77 percent of manufacturers in the country where bridal and other wedding outfits account for a significant proportion of annual sales for some companies. [The Hindu Business Line]

China’s Li Ning lists Viva Goods on the Hong Kong Stock Exchange. The company, which is owned by the namesake of the sportswear brand Li Ning but holds other brands such as Clarks, Bossini and Amedeo Testoni, began trading on the stock market last week. [Hong Kong Stock Exchange]

Mexican and Honduran resellers do roaring trade in Shein surplus stock. Grey market wholesalers across Latin America have set up street market ventures stocked with items sourced from Chinese suppliers to the ultra-fast fashion giant ahead of its efforts to localise production in the region. [Rest of the World, BoF]

Louis Vuitton opens pop-up book shops in Shanghai. The luxury brand transformed three local coffee shops for around a week, cloaking the spaces in the cover colours of the Beijing, Shanghai and Chengdu editions of the Louis Vuitton City Guide. [Jing Daily]

Chinese down jack maker Bosideng reveals 400 stores closed last year. The company reported that revenue and net profit for the year ended Mar. 31 fell to 3.5 percent and 3.7 percent respectively, impacted by last year’s pandemic lockdowns. [Yicai]

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