Shein

With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.

They can appear out of nowhere, abruptly send costs soaring and disappear just as quickly.

France is pressing ahead with a ‘game-changing’ bill that would impose a ‘sin tax’-style penalty on fast-fashion products as high as €10 per item by 2030.

By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.

Investors are watching to see if Shein can break through the impasse — and what it means for Chinese IPOs in the US if they fail.